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.


Renovations seen as key to saving housing market

By Lori Mcleod – Globe and Mail

One of the showpieces of the new federal budget is a new home-renovation credit program, which comes with an estimated price tag of $2.5-billion over the next fiscal year and is aimed at supporting the faltering housing market.

While the government had already signalled its intention to focus on housing, the depth of its commitment was a surprise, said Douglas Porter, deputy chief economist at BMO Nesbitt Burns.

“I think the view there is that they’re looking for a way to support the economy short-term,” Mr. Porter said in an interview. Home renovations have the appeal of keeping most of the economic benefit in Canada, he said.

The plan will offer a tax credit for 15% of the cost of qualifying home renovations in the $1,000-to-$10,000 range. The maximum payment per household is $1,350, and the program expires on Feb. 1, 2010.

The plan is estimated to make up more than 10% of the cost of the total stimulus measures in the budget for the year, Mr. Porter said.

In a report, BMO noted many Canadians in danger of losing their jobs won’t be enticed to renovate by a tax credit.

But, the deadline means enough people could push forward their kitchen or bathroom renovation plans that it could be “surprisingly effective” as a near-term economic stimulus, Mr. Porter said.

More debatable in the face of the economic downturn is how successful new incentives will be for first-time home buyers, he added.

One is the expansion of the Home Buyers’ Plan, which was introduced in 1992 and allows first-time buyers to withdraw registered retirement savings plan funds toward their purchase. The withdrawal maximum is being raised by $5,000 to $25,000.

There’s also a tax credit of up to $750 for first-timer buyers for their closing costs.

These moves are unlikely to lower the barrier for many first-time buyers, gripped by plunging consumer confidence, said John Andrew, assistant professor, School of Urban and Regional Planning, at Queen’s University.

“Many of these people will have seen their life savings decimated by the financial markets, and may need to postpone buying their first home, perhaps by years,” he said.

Investors will likely also be reluctant to crystallize their losses by pulling money out of RRSPs whose values have fallen dramatically, he added.

The moves were applauded by industry groups as a means of restoring some confidence to a market in which existing home sales have plunged to a six-year low, and new home construction is on the decline.

“We are very supportive. We see it as a good news story and a welcome measure,” said Jim Murphy, president and chief executive officer of the Canadian Association of Accredited Mortgage Professionals.


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