By Warren McNeil

Just recently I have been looking at the benefits that first time home buyers currently have when it comes to buying a house. With the lower interest rates and all the tax credits that the government has made available in the latest budget, now is definitely the time to consider buying a house.

Here are five reasons to consider buying a house if your are a first-time home buyer

1. Very low interest rates. The Bank of Canada lowered the Prime rate just over a week ago. In turn, interest rates are very appealing. You should definitely consider locking in an interest rate if you are thinking about buying a home over the next few months

2. First time home buyers tax credit.

To assist first-time home buyers with the costs related to the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers’ Tax Credit. A 15-per-cent credit will be applied to a $5,000 amount, and will provide up to $750 in tax relief to reduce the costs associated with first home purchases completed after January 27, 2009.

http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp

3. Land Transfer Tax rebate
http://www.rev.gov.on.ca/english/refund/newhome/

4. Home Buyers Plan, RRSP Withdrawal Limit increase

This is the first increase in the withdrawal limit since the HBP was introduced in 1992.
http://www.budget.gc.ca/2009/pamphlet-depliant/pamphlet-depliant2-eng.asp

If you have been sitting on the fence for a little while and are not sure whether now is the right time, then maybe the above five reason will help you to make your decision.

Thanks for reading!

Warren & Melanie McNeil | Sales Representatives, Team McNeil | Re/Max Twin City Realty, Brokerage
( 519.579.4110 | * Click Here to Email | 8 www.clickthathouse.com, www.teammcneil.com/blog

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