More Incentives for First Time Buyers

Tired of paying rent? It is definitely a good time to buy a home in Barrie and area for First Time buyers. Not only are prices of homes very attractive right now and the mortgages rates low, the Government has introduced more Incentives to assist first-time home buyers with the costs related to the purchase of a home.

Home Buyers' Plan Withdrawal Limit

To provide first-time home buyers with additional access to their RRSP savings to purchase or build a home, the Home Buyers' Plan (HBP) has increased its withdrawal limit to $25,000 from $20,000. This is the first increase in the withdrawal limit since the HBP was introduced in 1992.

First-Time Home Buyers' Tax Credit

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

If you are interested in buying your first home in the Barrie area and want more information, please contact our representatives at ELITE ACCESS REALTY INC, Barrie Real Estate Brokerage at 705-737-2750 Ext 703 or visit our website at www.BarrieProperties.com.