Quantcast
First time home buyers being helped out! - Beyond.ca - Car Forums
Results 1 to 9 of 9

Thread: First time home buyers being helped out!

  1. #1
    Join Date
    Jul 2008
    Location
    Calgary
    My Ride
    Modded Turbo Jetta
    Posts
    184
    Rep Power
    0

    Default First time home buyers being helped out!

    Despite the fact there will be no more 40 yr mtgs or 0 down there are measurments in place to help out.

    REALTORS® recognize Conservative Party's first-time
    homebuyers tax cut
    OTTAWA – September 16th, 2008 – REALTORS® welcomed today's
    announcement by the Conservative Party of a proposed tax credit for first-time
    homebuyers for intended application against closing costs of the purchase of
    a home.
    "The issue of affordability is one that REALTORS® constantly monitor, and we
    welcome this initiative," says the President of the Canadian Real Estate
    Association, Calvin Lindberg.
    However, REALTORS® believe that the changes to the existing, wellknown
    Home Buyers Plan that CREA has been advocating for several years will
    also be an effective way to address the issue of affordability for first-time buyers.
    CREA proposes that the federal government raise the maximum withdrawal limit
    in the Home Buyer's Plan from $20,000 to $25,000. The HBP is a unique
    program that encourages savings, maximizes down payments and helps firsttime
    homebuyers minimize debt over time.
    The current withdrawal limit has not been changed since the program was
    introduced in 1992. In 2007, using the HBP, nearly 105,000 Canadians borrowed
    more than $1.2 billion from their personal RRSPs to use as a down payment in
    the purchase of their first home.
    "Research has shown that, despite their enthusiasm for home ownership, firsttime
    buyers, especially younger Canadians, find it a real challenge to finance
    their first home," says Mr. Lindberg. "We welcome any initiative that helps these
    buyers."
    The Canadian Real Estate Association (CREA) is one of Canada’s largest singleindustry
    trade associations representing more than 97,000 REALTORS® working
    through more than 100 real estate Boards and Associations. CREA’s primary
    mission is to represent members at the federal level, and to defend the public’s
    right to own and enjoy property.
    - 30 -
    For more information, contact:
    Bob Linney, CREA Communications Director
    Phone: 613-237-7111 or 613-301-2219 Email: [email protected]

  2. #2
    Join Date
    Dec 2005
    Location
    Calgary
    Posts
    2
    Rep Power
    0

    Default

    "However, REALTORS® believe that the changes to the existing, wellknown Home Buyers Plan that CREA has been advocating for several years will also be an effective way to address the issue of affordability for first-time buyers."

    Isn't the market place currently fixing the affordability problem all on it's own? Why do we need the government to get involved?

    Government initiatives (like HBP and 40 year amortizations) are the reason housing got "unaffordable" in the first place.

  3. #3
    Join Date
    Jul 2008
    Location
    Calgary
    My Ride
    Modded Turbo Jetta
    Posts
    184
    Rep Power
    0

    Default

    If you call a 7% price drop still being affordable for first time home buyers then yes, i will agree with you.
    however i will say that a 7% drop is not nearly enough for many FTHB. Especially straight out of school with massive loans to pay back.

  4. #4
    Join Date
    Dec 2005
    Location
    Calgary
    Posts
    2
    Rep Power
    0

    Default

    But if the government creates a $5K tax incentive to buy a house, everyone will have access to it, and all things being equal house prices will move up by $5K making houses "unaffordable" again.


    The government should just give up trying to make houses affordable. I can see them worrying about people being homeless altogether but they really have no business promoting ownership over renting IMO.

  5. #5
    Join Date
    Jan 1970
    Location
    YYC
    My Ride
    1 x E Class Benz
    Posts
    23,598
    Rep Power
    101

    Default

    Originally posted by tm88
    however i will say that a 7% drop is not nearly enough for many FTHB. Especially straight out of school with massive loans to pay back.
    Unless you have rich parents, nobody straight out of school with massive loans will be able to afford a house regardless of price.
    Originally posted by SEANBANERJEE
    I have gone above and beyond what I should rightfully have to do to protect my good name

  6. #6
    Join Date
    Jun 2003
    Location
    Calgary
    Posts
    841
    Rep Power
    21

    Default

    Originally posted by TomK
    snip........

    Government initiatives (like HBP and 40 year amortizations) are the reason housing got "unaffordable" in the first place.
    And let's not forget the 0% down as well.

  7. #7
    Join Date
    Jul 2008
    Location
    Calgary
    My Ride
    Modded Turbo Jetta
    Posts
    184
    Rep Power
    0

    Default

    thats all over with though...

    I do agree to just let the market dictate home prices and have people buy when they feel they can just because i would rather see that money spent somewhere else.

    But its to late, and it might bring some more business my way lol.

  8. #8
    Join Date
    Feb 2006
    Location
    Calgary
    My Ride
    79 Country Squire 95 Deville 09 Jeep JK
    Posts
    796
    Rep Power
    26

    Default

    Originally posted by rage2

    Unless you have rich parents, nobody straight out of school with massive loans will be able to afford a house regardless of price.
    Who says that you SHOULD be able to buy a house right out of school? It's not a right, it's a privilege. Home ownership for everyone regardless of whether you can afford it or not is what got the US in the financial mess they're in right now. Pay off your debts, save your money and be fiscally responsible.

  9. #9
    Join Date
    Jan 2006
    Location
    Langdon,AB
    My Ride
    04 Rsx-s,07 Frontier, 11 ss/rs
    Posts
    1,692
    Rep Power
    20

    Default

    Originally posted by ianmcc


    Who says that you SHOULD be able to buy a house right out of school? It's not a right, it's a privilege. Home ownership for everyone regardless of whether you can afford it or not is what got the US in the financial mess they're in right now. Pay off your debts, save your money and be fiscally responsible.
    Exactly. So many people have brand new cars and toys before they buy a house. If you really wanted it, you would save that money and get a house with a good down payment. How does anybody expect to qualify for a house with a student loan, payments on the BMW, partying, Gucci,etc,etc,etc. Get a house first. Nice things are far more enjoyable when you have a place to put them.

Similar Threads

  1. First time being pulled over. & Double the headache.

    By 05*CivicRS in forum Society / Law / Current Events / Politics
    Replies: 13
    Latest Threads: 12-09-2007, 05:32 PM
  2. RRSP: 1st time home buyers re-payment

    By Kimchee in forum Real Estate / Finance
    Replies: 4
    Latest Threads: 01-25-2007, 01:39 PM
  3. first time experience being handcuffed..

    By mr.13secprobe in forum General Car/Bike Talk
    Replies: 43
    Latest Threads: 12-15-2005, 12:02 AM
  4. Thanks to all the guys that helped me out last night!!!

    By LUDELVR in forum Events and Meets
    Replies: 22
    Latest Threads: 09-10-2002, 11:15 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •