Home ownership is a rewarding endeavour, but it is also an expensive one. Probable and/or necessary renovation costs are a huge concern for recent home buyers and established home owners. Since April, TREB has been working with the Ontario Real Estate Association (OREA) on the Home Ownership Matters campaign. One of the campaign’s objectives is to get the province to introduce a permanent Home Renovation Tax Rebate. This tax rebate will help first-time and long-standing home owners with the costs associated with home improvements. As detailed in this week’s TREB President’s Column, the Home Renovation Tax Rebate would strongly encourage the use of legitimate contractors, create a paper trail to deter underground economic activity and stimulate the economy. This tax rebate would lead to an improved housing stock and increased energy efficiency. Even though Election Day has passed, TREB is continuing to call on provincial politicians to support and implement a permanent Home Renovation Tax Rebate.
- Source: TREB