There was not a lot of stimulus in the federal budget to affect us in the real estate industry. The only change was one that was in the works for some time.
The limit for borrowing from your RSP to purchase a home has been increased from $20,000 to $25,000 in the Home Buyers Plan. This plan has been around since 1992 and the increase is more of a housekeeping change to reflect the increases in house prices since the plan's inception. If you're not already aware, the plan allows you to borrow money from your existing RSP without paying tax on it. The funds to have to be paid back over time to avoid paying ta on the money.
The other change that is of interest to home owners is tax credits being granted over the next 12 months for doing home renovations. It is designed to help stimulate the economy by getting consumers to spend money. On the surface, it looks like a good idea to me.
You can read the article for more details in the Waterloo Region Record.
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