Report on Business reported earlier this week that the Canadian Real Estate Association has asked the Federal government to increase the maximum amount that homeowners can withdraw among other changes requested.
For the record it really seems like a no-brainer anyway andit probably should even be higher. For certain they shpuld open up to all homeowners as well.
As a side note I think that would be real nice as well would be to mimick a program the 80′s conservatives in Sakatchewan under Grant Devine did. The program gave people a tax deduction if they upgraded their home. Increased renovations would be a great boost to the economy in keeping trades working and building materials flowing.
Probably would never be announced…too bad
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By Alyson Thiessen, January 25, 2009 @ 10:53 am
Great news! I agree, the HBP needs a revamp to keep up with the Canadian housing market. A 20K cap doesn’t cut it and the rules to use it again are onerous.
FYI: Flaherty has hinted that he might include a renovation credit up to 5k for homeowners as well as a write off component for closing costs to 5k. Want to place some bets?
By Greg, January 27, 2009 @ 7:51 am
I heard that, Now I am really feeling like the Oracle you speak of…LOL.
I wish it was higher then $5,000 really what can you do in home improvement for that kind of money. Maybe DIY projects. The economy needs bigger projects, new bathrooms, new kitchens, new basements, landscaping etc. to put those trades to work.