Montreal Real Estate Reviews » Montreal

New programm for the first time buyer

admin — Wed, 05 Aug 2009 12:34:01 +0000

Increasing Withdrawal Limits Under the Home Buyers’ Plan

Saving the down payment for a home can be a challenge for many first-time home buyers.

The Home Buyers’ Plan (HBP) allows first-time home buyers to withdraw up to $20,000 from a Registered Retirement Savings Plan (RRSP) to purchase or build a home. Unlike regular RRSP withdrawals, HBP withdrawals are not included in income when withdrawn. Amounts withdrawn under the HBP must be repaid over a 15-year period, starting the second year following the year of the withdrawal, or included in the individual’s income if not repaid.

To provide first-time home buyers with additional access to their RRSP savings to purchase or build a home, Budget 2009 proposes to increase the HBP withdrawal limit to $25,000 from $20,000 in respect of withdrawals made after January 27, 2009. It is also proposed that the increase apply to HBP withdrawals made for the purchase of a more accessible or functional home where the individual making the withdrawal is eligible for the Disability Tax Credit (DTC), or if the withdrawal is made for the benefit of a DTC-eligible person who is related to the individual making the withdrawal. This is the first increase in the withdrawal limit since the HBP was introduced in 1992.

With the $5,000 increase to the withdrawal limit, two first-time home buyers purchasing a home jointly (e.g. a married or common-law couple) with sufficient RRSP funds in each of their names may now together withdraw up to $50,000 from their RRSP funds toward the purchase of a home in Canada. It is estimated that this measure will cost $15 million in each of 2009–10 and 2010–11.

First-Time Home Buyers’ 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 home buyers, who must pay these costs on top of saving the money for a down payment.

To assist first-time home buyers with the costs associated with the purchase of a home, Budget 2009 proposes to introduce a First-Time Home Buyers’ Tax Credit — 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.

It is also proposed that the First-Time Home Buyers’ Tax Credit be made available to existing homeowners in respect of a more accessible or functional home purchased by an individual eligible for the Disability Tax Credit (DTC), or for the benefit of a DTC-eligible person who is related to the individual purchasing the home.

It is estimated that this measure will cost $30 million in 2008–09, $175 million in 2009–10 and $180 million in 2010–11.
Source http://www.budget.gc.ca/2009/plan/bpc3c-eng.asp

Ekatarina Erchova
www.quebec-real-estate.com

Westpark square in Dollard-des-Ormeaux: originality and expanse.

admin — Fri, 24 Jul 2009 18:53:16 +0000

Would you like to live in the island of Montreal and at the same time be in the quiet, beautiful dwelling district? It is possible if you decide to be an inhabitant of Westpark Square, which is situated in the Dollard-des-Ormeaux.

The 20 townhouses of the project Westpark Square satisfy all the highest architectural requirements and are very original. From these houses you can choose the one which you like the best.

The quality of planning is perfect. No doubts that each of the dwellings is comfortable and stylish. Each house has a loft with living space of 692 sq. ft. There you can place home theater or billiard table. A buyer can also choose a place for a large bathroom, bedroom or home office. “We work with each client individually”, says Yves Samuel, the architect of Grilli-Samuel. Meantime basement has area of 696 sq. ft., wooden floor and the ceiling 9 ft. high. A big backyard. At present time you can buy a house with two or three bedrooms. Usually the area of the apartment like this is more than 2039 sq. ft.

The prices start from 328 000 $.
Near 50% of the houses have been already sold.
Every house is sheeted on the outside by a red bricks.
Roof covering is the superior quality!

Quiet life…. In MONTREAL!
There are a lot of parks and green spaces in the district Dollard-des-Ormeaux. Two french and one english schools are situated not far from the houses of the project Westpark Square. The shopping centre Fairview Pointe-Claire is in 5 kilometers. Beside this, there are swimming pools, arenas, theatres and libraries for the inhabitants of the beautiful project Dollard-des-Ormeaux. There is a lake, bicycle path, area for dogs in the Parc du centenaire, which is situated in 2,2 km.

If the main factors for you to buy a house are open space, beauty, originality and decisive importance is quality of life, the houses of the project Westpark Square in the district Dollard-des-Ormeaux is your choice!

CONSORTIUM IMMOBILIER INC.
Gilles McNabb
514 467-3766 www.grillisamuel.com

Source: MaisonDirect

The prices on personal dwelling will be increase in 2009 year

admin — Thu, 16 Jul 2009 19:32:58 +0000

According to the results of the research, which was published on july 7, 2009 in the Royal LePage, in 2009 future owners of the real estate in Montreal on average will pay $ 263 500 for a private house. This is the consequence of the increased quantity of buyers by 2,1%.

“We analyzed the sales during the first 6 month of 2009, it shows that the market was really quiet in January and February. Obviosuly the buyers have reacted to the instability of the economy”, notes Dominic St-Pierre, the director of Services immobiliers de Royal LePage. The housing market shot up in spring, when there were buyers who were ready to pay upto $ 200 000. In May and June there was noted an increased demand on all kinds of real estate, and it gives an opportunity to predict good sales for the next 6 month.

The years from 2001 to 2007 were successful for salesmen, as houses were being sold quickly and easily. The end of 2008 and the beginning of 2009 is effected by the difficult condition of the economy and the housing market turns around in a favor of the buyer.

At present time the housing market is more stable and should be taken advantage of. Salesmen offer great prices and this is the perfect time for a buyer to choose the best house according to the needs and for a reasonable price.

The dealerships of buying and selling of the real estate will be more intensive first of all in the districts of Montreal like Dorval, Lachine, Beaconsfield and LaSalle/Verdun. But the increased amount of transactions will result the growth of prices for the real estate.

However, in more expensive districts like Saint-Bruno, Côte-Saint-Luc, Notre-Dame-de-Grâce or Westmount, prices will be kept more stable and probably will go down.