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Tax Credit for First Time Buyers

September 18, 2008 · Filed Under First Time Buyers and St. John's Real Estate

I’m not one for talking politics. Nor am I one for pushing a certain poltical party on anyone, but this caught my interest….more so for me to write about.

In Stephen Harpers campaign, he is offering a tax credit to first time home buyers if re-elected. Up to a $5000 tax credit to help with closing costs. Note this is a tax credit and NOT $5000 cash in hand. According to the article on CBC, it would result in a maximum return rebate of $750 per family.

The average selling price of a home in this country will rise by 3.3 per cent this year to $317,450, and by a further three in 2009 to $327,000, Canada Mortgage and Housing Corporation predicted last month.

The average closing costs on a house ranges from 1% to 2% the cost of the house.

Tags: average closing costs, cmhc, First Time Buyers, mortgage and housing, stephen harper, tax credit