Home Renovation Credits

 

 

The federal Conservative have just made a new campaign pledge to revive the popular home renovation tax credit. You may remember the old home renovation tax credit first introduced in 2009.

The program, which allowed homeowners to claim a 15-per-cent tax refund on renovations, up to $1,350, proved exceptionally popular. It was reported that nearly three million Canadians took advantage of the program, getting an average of $700 per claim and generating about $4.3-billion worth of economic activity, according to government estimates.

Here’s the great news in 2009 when it was first introduced all the parties supported and approved it, so I’m really hoping that this campaign promise gains wide spread approval and gets adopted by all the parties regardless who wins the next election and is introduced. As we know home renovations is a great way to add value to our home and make our living space more comfortable and enjoyable and soon we will hopefully get to save tax money when we do it.

Toronto Real Estate Board President Mark McLean announced record home sales for the month of July. Greater Toronto Area REALTORS® reported 9,880 sales through TREB's MLS® System, representing an eight per cent increase compared to July 2014. The number of transactions were up for all major home types, including a doubledigit year-over-year increase in condominium apartment sales.

The MLS® Home Price Index (HPI) Composite Benchmark, which accounts for benchmark home prices in communities throughout the TREB market area, was up by 9.4 per cent yearover- year in July 2015. Over the same period, the average selling price was up by a slightly greater amount, growing by 10.6 per cent annually to $609,236.

Detached homes continued to lead the way in terms of price increases, with annual growth in the average selling price outstripping growth in the MLS® HPI detached benchmark. This suggests that there continued to be a greater share of high-end homes sold this year compared to last.

"With the level of inventory in the GTA trending below two months, many listings continued to generate a lot of interest from buyers. Not surprisingly, this supported further price increases well-above the rate of inflation. Assuming similar interest rate and economic environments over the next five months, strong price growth will remain the norm for the rest of 2015," said Jason Mercer, TREB's Director of Market Analysis.

Please feel free to contact me to discuss this or any other questions you may have.

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