A recent article was released by Jack McCrudden, President of the Oakville, Milton and District Real Estate Board, revealing what REALTORS® are urging local candidates running in the October 6, 2011 Ontario Election to commit to: strengthening the affordability of home ownership.
A recent poll revealed that Ontario residents do have high hopes for home ownership, as 70% of provincial renters currently have plans to buy a home, understanding the benefits of home ownership. However, the same poll revealed that 86% of Ontarians believe that home ownership will only become more difficult to obtain for future generations, and 81% believe that home ownership is more difficult than it was in their parents’ generation. To address these home ownership fears and concerns, REALTORS® are strongly urging local candidates to strengthen the affordability of home ownership.
REALTORS® have recommended three main initiatives to support home ownership in Ontario. The first is targeted at first time home buyers. REALTORS® have proposed that the provincial government improves the Land Transfer Tax for first time home buyers, so that it effectively exempts them from paying any tax on their first home purchase.
The second initiative is to increase the affordability of home repairs and maintenance. REALTORS® have suggested that the government introduce a permanent Ontario Home Renovation Tax Rebate. This could potentially create jobs and give home owners an incentive to use a professional contractor who pays taxes and maintains liability insurance.
The third initiative is to help home owners cope with rising energy costs. REALTORS® propose that the provincial government reintroduces the Ontario Home Energy Efficiency Retrofit program which provided home owners with rebates against the cost of energy efficient upgrades and renovations.
REALTORS® believe that these three initiatives will help to strengthen the affordability of home ownership in Ontario, and give incentive to first time home buyers and home owners wanting to do renovations. As a dream of home ownership is a reality for most and good for our economy, it is essential that home ownership affordability becomes a priority.
For any real estate assistance in the Oakville, Burlington, Milton area contact Mary at email@example.com