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BLOG / NEWS Updates
Positive News for First-Time Homebuyers…
We welcome the Conservative Governments announcement today proposing to increase the RRSP Home Buyers Plan (HBP) withdrawal up to $35,000 from the current $25,000 for first-time homebuyers. If implemented, a couple buying a home together would have access to an extra $20,000 of their RRSPs to help with their down payment and other expenses relating to their home purchase. Borrowers are considered first-timers if, in the past four years, they have not lived in a home that they or their current spouse/common-law partner owned. (See Conditions.) As you may be aware, CAAMP regularly visits both federal and provincial government officials. This announcement is in line with the kind of recommendations that CAAMP makes during meetings with officials in the Ministry of Finance Office and the Prime Ministers Office. The government respects our industry-leading research and sees your association as a positive resource. Our latest research report released in June A Profile of Home Buying in Canada prepared by CAAMP Chief Economist Will Dunning shows withdrawals from RRSPs (including via the HBP) accounted for 10% of down payment funds for first-time buyers. If put into action, this proposed HBP withdrawal increase would go a long way in helping first-time homebuyers across Canada. Todays announcement follows Stephen Harpers first big-ticket promise of his campaign: another tax break for home renovations made earlier this month. Taxpayers would be able to claim up to 15% of the cost of permanent substantial renovations to homes, condos and cottages. The tax credit would apply to renovation costs between $1,000 and $5,000, allowing a taxpayer to get back up to $600 per year. We look forward to more positive housing-related announcements from other campaigns leading up to the fall election.
Canadian home sales edge higher in March 2019
Home sales via Canadian MLS Systems edged up 0.9% in March 2019 following a sharp drop in February, leaving activity near some of the lowest levels recorded in the last six years. There was an even split between the number of markets where sales rose from the previous month and those where they waned. Among Canadas larger cities, activity improved in Victoria, the Greater Toronto Area (GTA), Oakville-Milton and Ottawa, whereas it declined in Greater Vancouver, Edmonton, Regina, Saskatoon, London and St. Thomas, Sudbury and Quebec City. Actual (not seasonally adjusted) sales activity fell 4.6% y-o-y to the weakest level for the month since 2013. It was also almost 12% below the 10-year average for March. That said, in British Columbia, Alberta and Saskatchewan, sales were more than 20% below their 10-year average for the month. By contrast, activity is running well above-average in Quebec and New Brunswick. It will be some time before policy measures announced in the recent Federal Budget designed to help first-time homebuyers take effect, said Jason Stephen, CREAs President. In the meantime, many prospective homebuyers remain sidelined by the mortgage stress-test to varying degrees depending on where they are looking to buy. All real estate is local, and REALTORS remain your best source for information about sales and listings where you live or might like to in the future, added Stephen.
5 ways to help stop the sniffles this allergy season
(NC) Spring has sprung again and while the warmer weather is definitely a welcome change, the return of itchy eyes and a constantly dripping nose may not be. Its estimated that 25 per cent of Canadians are affected by seasonal allergies, and depending on what you are allergic to, allergy season may not just affect you in the spring but could also linger right up until the first frost in the fall. This spring, try to avoid the discomfort by getting to the bottom of what is causing your allergies before they start. Here are five tips to help you get ahead of your symptoms: Check the pollen forecast: Be on top of this as it can change daily and really affect your symptoms. If youre planning on exercising, go to the gym or exercise inside on warm, windy days. When you are outside, protect yourself: Wear sunglasses or a hat not only do they look good and block the sun, they also help keep pollen off your body and out of your eyes. Cover up when being active outside: If you are doing outdoor activities like cutting the lawn or gardening, consider wearing a mask or scarf to cover your nose and mouth. Protect yourself from pollen: We carry a lot of pollen into the home with us. Wash your bedding more frequently during spring, summer and fall; keep your windows closed and remember your pets can track pollen into the house, too. Find the right product: Speaking to your local Shoppers Drug Mart pharmacist can be your first line of defense. They can help assess your symptoms and recommend an over-the-counter medication or product. If this isnt enough to kick your symptoms, your pharmacist can write you a prescription for a medication in all provinces excluding British Columbia and Ontario. If your symptoms are more severe, pharmacists in B.C. and Ontario can work with your doctor to make sure you have the right treatment option for you. www.newscanada.com