Toronto Loft Conversions

Toronto Loft Conversions

I know classic brick and beam lofts! From warehouses to factories to churches, Laurin will help you find your perfect new loft.

Modern Toronto Lofts

Modern Toronto Lofts

Not just converted lofts, I can help you find the latest cool and modern space. There are tons of new urban spaces across the city.

Unique Toronto Homes

Unique Toronto Homes

More than just lofts, I can also help you find that perfect house. From the latest architectural marvel to a piece of our Victorian past, the best and most creative spaces abound.

Condos in Toronto

Condos in Toronto

I started off selling mainly condos, helping first time buyers get a foothold in the Toronto real estate market. Now working with investors and helping empty nesters find that perfect luxury suite.

Toronto Real Estate

Toronto Real Estate

For all of your Toronto real estate needs, contact Laurin. I am dedicated to helping you find that perfect and unique new home to call your own.

 

Federal Budget Helps Home Buyers and Owners

By Maureen O’Neill
TREB President’s column as it appears in the Toronto Sun

It is always rewarding when hard work produces results. That’s why Toronto Realtors are proud of the work they did to make sure that the recently announced Federal Budget recognized the importance of the housing sector to the economy. I’m happy to say that these efforts helped to produce a Budget that puts more money in the pockets of home buyers and owners.

One of the most important announcements in the Budget was a change to the Home Buyers’ Plan that Toronto Realtors have long been calling for. Specifically, the Budget proposes to increase the maximum amount that individuals can withdraw, tax-free, from their RRSP to put towards the down payment on a home, from $20,000 to $25,000. Toronto Realtors worked hard to ensure that the government understood that, while this program has been extremely successful since it was first implemented in 1992, its usefulness to home buyers was deteriorating because the withdrawal limit had not kept pace with inflation. The increase in the limit announce with the Budget addresses this concern.

Another important Budget announcement for home buyers is a tax credit that will help to offset the closing costs associated with housing purchases. Closing costs can include things like legal fees and land transfer taxes. They can represent a significant cost for many buyers. The Federal Budget recognized this and includes a First-Time Home Buyers’ Tax Credit of 15% on up to $5,000 of costs associated with the home purchase. This means that first-time home buyers could be eligible for a tax credit of up to $750.

The Federal Budget also includes an initiative that helps both current home owners and home buyers considering properties that may benefit from renovations. The Home Renovation Tax Credit provides a 15 per cent credit that can be claimed on the portion of eligible home renovations exceeding $1,000, but not more than $10,000, which means that home owners could be eligible for a tax credit of up to $1,350. This credit would apply to eligible home renovation expenditures, after January 27, 2009 and before February 1, 2010, on one or more of an individual’s personal use properties.

While it is encouraging to see the federal government take action to help home buyers and owners, it is important for all levels of government to do their part. This is especially true in the City of Toronto, where the Toronto Land Transfer Tax discourages home ownership. Like the federal government Toronto City Council should recognize the importance of the housing industry to the economy, and the best way it can do this is to roll back the Toronto Land Transfer Tax.

By helping to create thousands of jobs, buying or improving a home is not only an investment in a property; it is also an investment in the economy. Toronto Realtors are encouraged that the Federal Budget recognized this reality and will continue to work hard to represent the interest of home buyers and owners at all levels of government.

Toronto Realtors’ interaction with governments occurs in many forms, but probably the most critical is the work they do to ensure that politicians consider the impact of their decisions on home buyers, home owners, and real estate markets. With this in mind, Toronto Realtors and their professional associations such as the Canadian Real Estate Association, Ontario Real Estate Association, and the Toronto Real Estate Board are constantly monitoring government proposals and actions, and are ready to spring into action.

Maureen O’Neill is President of the Toronto Real Estate Board, a professional association that represents 28,000 Realtors in the Greater Toronto Area.

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Contact Laurin Jeffrey for more information – 416-388-1960