Canadian Economic Action Plan Benefits First-Time Homebuyers
posted in Mortgage News
On January 27, 2009 the government of Canada released an economic action plan designed to stimulate the economy. The plan was summed up with words that undoubtedly create high expectations for our nation’s economic growth in the upcoming year: “extraordinary and unprecedented action”.
In an attempt to stimulate various sectors of the economy, the government of Canada has provided nationwide fiscal incentives - one of which includes discounts to first-time homebuyers. The action plan explains that, “A credit of $750 will also be provided to recognize the closing costs incurred by taxpayers buying a first home.”
With a declining real estate market, extremely low interest rates, and a $750 credit towards closing costs, it is a great time for first-time homebuyers to consider entering the real estate market.
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