Whether you're a first-time buyer or an empty-nester or somewhere in between this is an opportune time to buy, because:
1. Kitchener-Waterloo residential housing prices are rebounding from the market downturn in 2009 although there are still some well-priced condos, lofts and houses on the market to choose from.
2. Mortgage interest rates remain at record low levels with a wide selection of products and options for qualified buyers.
3. The Ontario government Land Transfer Tax Rebate Program of up to $2000 for first-time buyers to both new and resale homes remains in place.
4. Home energy efficiency grants remain a government priority. Visit www.homeperformance.com
5. The Federal government's economic stimulus plan continues to feature the First Time Buyers' Tax Credit of up to $750 for first-time home buyers while the Home Buyers' Plan provides for withdrawals of up to $25,000 from your RRSP to buy or build a qualifying home.
If you're not aware of pending Federal changes to mortgage rules as of April 19, 2010 here is a quick summary:
1. Borrowers must be able (qualified) to pay based on a standard five-year fixed rate, although they may opt for a variable rate
2. Borrowers wanting to refinance their house can only borrow against 90% of the home's value, down from 95%
3. Investors must now put down a minimum of 20% for a non-owner-occupied home in an effort to limit speculation
4. For the time being, 35 year amortization periods and 5% downpayments remain unchanged to avoid driving prospective buyers out of the housing market. |
