Interest rates touching historic lows and more attractive house prices in parts of the country have added up to better affordability for first-time home buyers. The federal government’s recent budget has added more reasons for Canadians who aren’t yet homeowners to consider entering the Kamloops real estate market this year.Brenda Colman Under the new federal budget, first-time home buyers can qualify for a $750 tax credit, to help with closing costs, such as appraisal or legal fees. Also, home buyers can now withdraw up to $25,000 from their RRSP under the Home Buyers Plan for a down payment – up from the previous limit of $20,000. Couples can access an extra $10,000 from their RRSPs under the plan.
For those who are feeling secure about their income and want to take advantage of low rates and a more affordable market, the new federal budget provisions could make an enormous difference in terms of the properties they can afford, We’re now seeing more first-time buyers seriously considering making the jump into the Kamloops market this spring.