Federal Budget 2010 - Good news for home buyers

Vancouver, March 12, 2010 The Home Renovation Tax Credit, which provided up to $1,350 in tax rebates for renovation up to $10,000 was not extended in the March 8, 2010 federal budget.

But, there was good news for home buyer and owners.

“The ecoENERGY retrofit program for homeowners who make their homes more for energy-efficient is back,” says Andrew Peck, General Manager, Royal Pacific Realty. “This will help homeowners lower their carbon footprint and save on energy costs.”

Peck also notes that two important programs for home buyer remain. They are:

The First-time Home Buyers' Tax Credit which lets qualifying home buyers claim up to $750; and
The Home Buyers’ Plan which lets home buyers withdraw up to $25,000 from their RRSP for a downpayment. Couples can withdraw $50,000. CREA lobbied for this initiative.

“Together, these initiatives will help improve affordability, help buyers get into home and help keep costs down.”

For information, contact:
Andrew Peck, General Manager
Royal Pacific Realty
apeck@royalpacific.com