Federal Budget good news for home buyers and home owners say Andrew Peck

Vancouver (February 13, 2009) – January’s Federal Budget offered key measures that benefit home buyers and home owners and will help create jobs and opportunities in our neighbourhoods.

Royal Pacific Realty reports that the Federal Budget tabled last month will go a long way to addressing local economic uncertainties and will help restore confidence and to improve the quality of life in our neighbourhoods.

“Federal budget measures will help home sales which are so important to our economy,” says Andrew Peck, General Manager. “Each time a home changes hands, the transaction generates significant spin-offs and jobs because home buyers also buy furniture, appliances, paint, carpeting and landscaping supplies.”

The federal Budget announced a new First-Time Home Buyers' Tax Credit of up to $750 to help home buyers with closing costs such as land transfer taxes and legal fees, a new Home Renovation Tax Credit of up to $1,350 for homeowners who renovate, a new funding program for ecoENERGY retrofits that provides home and property owners up to $5,000 for energy improvements and a new social housing program.

The federal Budget also announced an increase to the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000. The Plan was first introduced in 1992 to help first-time home buyers by allowing them to withdraw from their RRSPs to buy a home. The withdrawal limit had not been increased since then. Eligible couples can now withdraw up to $50,000.

“This is good news for home buyers,” says Peck. “As a result of the Federal Budget announcements, home ownership is more accessible and more affordable we expect to see a renewed sense of optimism in our neighbourhoods.”

For more information contact:

Andrew Peck, Vice-President and General Manager
604-266-8989; apeck@royalpacific.com

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