Home Renovation Tax Credit

Its time to get that tool belt out! The Canadian Government is offering a great incentive for you handy home owners. Save up to $1350 on home improvements purchased before February 1st,2010.

This is a non refudnable tax credit based on eligable work done and materials purchased after Janauary 27th 2009 to February 1st,2010 this can be claimed towards your 2009 Tax Return.

When filing your tax return you do not have to submit all supporting documents however keep all contracts and receipts so the information is available if Revenue Canada Agency requests it.

Now there are some restrictions some improvements are not recognized and will not be able to claim such as: House cleaning, routine furnace repair,pool cleaning etc.

 What is recignized is:

-Renovation to kitchen,bath, or basement

-Building an addition to your home such as a deck, or shed

-New windows, doors, or flooring

-New roof

-New paved drive way

- And all associated costs for permits,professional services, equipment rental fees etc.

So take advantage of the great weather this summer, and get some improvments done aorund the house.

Never too late to buy

Many buyers have been sitting on the fence waiting for that great deal or steal if you will, to happen. Well as I have mentioned in previous articles the so called Real Estate Crash is over and we are back to a thriving and vibrant market. So called  couch realtors who get their infofrom late night U.S. television commercials  urging them to buy their investors courses which supposedly shows you how to buy depressed properties with no money down and turn around and sell them for huge profits. The old adage applies if it sounds too good to be true it usually is.

July Housing Statistics

In the first two weeks of July, Greater Toronto REALTORS® reported 4,437 sales up 27 per cent compared to the first two weeks of July 2008. The average price for these transactions was up four per cent year-over-year to $394,750.

 ”The resurgence in home ownership demand experienced in the spring has continued into the summer. Home buyers continued to take advantage affordable market conditions in the first half of July,” said TREB President Tom Lebour. “If the mid-month results carry forward, we may see the best July on record.”

Your Responsibilites as a Condo Owner

The success of a condo largely depends on the level of civility and cooperation of its residents, particularly resident owners. There is agreement among condo experts that residents’ civility constitutes an asset to a condo and can raise its market value. Indeed, potential owners often seek out condos where residents are reputed or observed to be “nice,” polite, and “well behaved.”

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Condos = Family Friendly?

A Condo can appeal to all demographics, they offer something to everyone.  Affordability can also be key, not many homes out there can be affordable to just anyone.  Whereas a condo can be the first home of anyone wanting to make an initial investment, with out the compromise of still enjoying life.

Sociability. Children living in a condo, especially a high rise, meet people on a daily basis in corridors, elevators, lobby and parking. They can learn to interact with others, how to be polite or considerate. They may become less shy and more sociable.

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