First-Time Home Buyers  who have been waiting on the sidelines may have a new federal incentive to become Home Owners.

From Canada's Economic Action Plan Budget 2009 - page 132:

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.

First-Time Home Buyers should seek the advice of a licensed professional who will act in their best interests as a Buyer's Agent.

First-Time Home Buyers have a right to the undivided loyalty of their own agent.

First-Time Home Buyers should get independent advice before ever agreeing to the limited representation of dual agency.

Update February 4 - The Budget was approved in the House of Commons - here is a link to the budget section - Chapter 3 - Action to Stimulate Housing Construction.

I'm an independent real estate agent, licensed in New Brunswick, residing in Moncton

Contact me at www.LarryEstabrooks.com