It has been a GREAT week for those looking to buy new homes. Earlier, we learned that the HST rebate was boosted, reducing the price of new homes over $525,000.
Now, we learn that the goverment has a great surprise for first time home buyers as well.
Effective immediately, and continuing until March 31, 2013, first time home buyers can save an additional $10,000 when they buy a newly built home. We understand that this will be implemented through and income tax credit. Of course, first time home buyers are also eligible to waive the property transfer tax in many cases.
It is obvious that our government understands that real estate transactions are a huge driver for our economy. Not only does every sale generate a lot of tax revenue, but each sale also creates jobs, spurs spending on new furniture, renovations, and more.
We'll have more details on the implementation of this new program as they become available.
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