Don't kid yourself.....we have all heard the response from friends and associates that a house should be a home, "first" and an investment second. If that's the case, why do so many buyers and sellers try to time the exact moment that they wish to buy or sell their home. If this sounds like anyone you know then pass this on!
Over the next six months we can expect some major changes to the way we look at our taxes, finances, property values and interest cost.
- The Federal Government (Central Bank) is expected to raise Prime Rates sooner than later.
- The Banks will certainly follow with an increase in Mortgage and Loan rates.
- The introduction of the Harmonized Sales Tax (HST) will levy additional costs on new development and will increase the existing closing costs when purchasing and selling a home.
- Incentives and rebates from the Ministry of Natural Resources (NR) will also begin to dry up as additional funding will be reduced to curb government spending.
- The passing of the Green Energy Act will impose the need for the seller to provide an energy audit prior to selling their home.
- We have already lost the home renovation tax credit as the program has not been renewed for 2010.
Keep it all in mind.....
When will you buy or sell?