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First Time Homebuyer Tips

First-Time Home Buyers’ (FTHB) Tax Credit

The costs associated with purchasing a home, such as legal fees, disbursements and land transfer taxes, can be a particular burden for first-time homebuyers who must pay these costs, as well as save money for a down payment. To assist first-time homebuyers with the costs associated with the purchase of a home, the Government of Canada introduced a FTHB Tax Credit in 2009 — a $5,000 non-refundable income tax credit amount on a qualifying home acquired after January 27, 2009. For an eligible individual , the credit will provide up to $750 in federal tax relief starting in 2009.

Expansion of the Home Buyers’ Plan (HBP)

To provide first-time homebuyers with greater access to their RRSP savings to purchase or build a home, the Government of Canada has increased the Home Buyers’ Plan withdrawal limit to $25,000 from $20,000 per person for withdrawals made after January 27, 2009.

To obtain more information on the First-Time Home Buyers’ Tax Credit and the Home Buyers’ Plan, call 1-800-O-Canada or visit the Canada Revenue Agency website at www.cra.gc.ca .
Land Transfer Tax Rebate.

The qualifying purchaser will receive a rebate to the land transfer tax this is applied to the home purchase. The maximum allowance is $2000.00. Examples:

Cost of Home	Tax Payable	Tax Refund	Net Tax Payable
$100,000	$725	$725	$0
$200,000	$1,725	$1,725	$0
$300,000	$2,975	$2,000	$975

Why Home Buyers Should Use a Professional Real Estate Agent (Realtor)

A realtor will save you time and money

When it comes to purchasing a home, most people don’t know where to begin. Usually, people who are interested in moving to a particular area will contact a Century 21 office located near where they intend to move. This is by far the easiest and most streamlined approach to purchasing a home. However, some people feel as if they have the ability to purchase a home without the help of a realtor. While it is possible, it is highly recommended to enlist the help of a professional – it will save you time, money and headaches in the long run.

If you try to purchase a home on your own and aren’t positive about the details of home buying/selling, you could very well end up losing money on the deal. With all the hidden costs and potential misses that can occur when you purchase a home (especially if it isn’t a new home), you want to be sure you’re getting the best deal possible. Putting the responsibility in your hands entirely is generally considered to be a bad idea.

Real estate agents are highly trained in the market, and know the ins and outs of the business, including what to look for when purchasing a home and how to get you the best price possible. Without the help of a realtor, you may well miss these important yet subtle details. A realtor will make the process of buying a home more fun , exciting and a lot less stressful. Buyers should always consider using a professional real estate agent as opposed to going it alone.

March home sales on the rebound

Our local housing market continued its recovery last month, with 859 homes exchanging hands. 702 detached homes sold in March, up 27.4% from the previous year, along with 157 condos, an increase of 33.1%. This marks a return to pre-Recession levels. (It’s important to note that home sales last March were down over 22%.)

“The stats have been up for six months running,” says Richard Thyssen, 2010 LSTAR President. “Listings are up as well, 20.6% for detached homes and 6.3% for condos.

That’s good news for our Spring market and for our local economy as a whole, given the considerable economic spin-off of real estate sales.”

61 homes sold in London’s Sister City of St. Thomas in March, up 10.9% over last year, for the average price of $181,787. “In the case of both St. Thomas and London, it’s a question of recovering lost ground rather than any kind of boom,” says Thyssen.

“That’s the beauty of this market. It’s resilient. In 2009, which was a bad year for everyone, we saw a dip in sales of only 3.42% overall, compared to 2008. Now, we’re pretty much back where we were before the financial meltdown & gaining momentum.”

An increase in average house price also points to recovery. Year-to-date the average price of a detached home was up 8.3% to $239,101; while the average price of a condo yearto- date was up 15% to $170,303.

Despite price gains, London remains affordable when compared to other Canadian centres.

According to the Canadian Real Estate Association’s Major Market MLS® Statistical Survey for January 2010 (the most current available), the average price year-to-date for:

• London and St. Thomas $225,983
• Calgary $397,518
• Durham Region $289,195
• Edmonton $317,920
• Hamilton-Burlington & District $287,414
• Kitchener-Waterloo $296,735
• Ottawa $318,425
• St. Catharine’s & District $239,152
• Toronto $409,058
• Greater Vancouver $639,074

Get out and enjoy London!

Hume Cronyn Observatory

Open House every Saturday evening during the months of May, June, July, and August.

No reservations needed. Start time is 20:30 (8:30 p.m.). Closing time is 23:00 (11:00 p.m.).

View the skies through the telescope and ask questions to the astronomer hosting the evening.

There is NO CHARGE to attend.

London Regional Children’s Museum

21 Wharncliffe Rd S, London Ontario – 519-434-5726

Members & children under 2 are FREE. FREE admission Friday from 5-8 p.m.

Children under 12 must be accompanied by an adult.

Roller Skating

1345 Cheapside St, London ON N5V 3N9 – 519-661-2500 x 5198

Wednesday 8-11, Adult Skate (18+) Saturday & Sunday , 1-4, Family & Adult

Fees: Adults 18 yrs and older $6.50, Child & Youth ( under 18) $4.50

Note: You are welcome to bring your own roller or in-line skates, however they are subject to inspection to ensure they will not damage the floor.

Museum of Ontario Archeology

1600 Attawanadron Rod, London N6G 3M6 – 519-473-1360

10:00 – 4:30 May August, Open Daily Outdoor

Site Open All Year (weather permitting)

Admission: Family (2 adults & up to 4 children) 10.00, Adults $4.00. Seniors / Students: $3.25, Children 5-12, $2.00, Children under 5 are FREE

Imagination Station

Sundays, 1:00 to 3:45 pm Museum London, 421 Ridout St N. 519-661-0333

This drop-in program for adults and children will stimulate communication, collaboration and creativity. Staff provide guidance & will introduce you to a wide range of art making through painting, drawing, sculpture, printmaking and more.

We’ll supply the ingredients. Just roll up your sleeves and add your imagination. Enjoy quality time with a child in your life as you cook up something new together in the Imagination Station.

Admission: FREE

The Home Zone – Quick tips to improve curb appeal

Landscaping

Remember that sometimes less can be more. Weed your gardens and don’t be afraid to remove any shrubbery that appears to be overgrown or has a lot of deadwood. I may be difficult to part with your greenery, but the trim will make your home look fresher. Don’t forget to edge your walkways for a clean manicured look

Lighting

Whether you chose ambient lighting in your garden beds, a dramatic lantern on your front lawn, a door sconce or just a lighted number for the front of your door, you must remember to make sure that the bulbs are in good working order. Consider changing to newer energy efficient bulbs and do your part for the environment at the same time.

Fresh Front Door

A good wash, erasing all of winter’s gloom is the best start. Clean the glass on your doors and windows. Simple, effective and virtually free! After you wash the grime away, you may want to touch up the existing paint, or if you are feeling adventurous, try a new colour for the doors and the trim………….voila!!

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