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CategoryMortgage News

Renovation Tax Credit ending Jan 31 2010

The Federal Govt’s Home Renovation Tax Credit is coming to an end this month.  According to Bloomberg.com. The tax credit was brought in last year as a way to help stimulate spending and create jobs.   A family could claim up to $1,350 in tax credits per family for projects costing between $1,000 and $10,000….provided the renos take place before February 1st, 2010…..

There was some speculation that the Home Reno Tax Credit would be extended or even continue with some modifications.  According to one conversation with an industry insider.   If you’re looking at getting some renos done, it’s not too late to take advantage of this program.

No increase expected by Bank of Canada

The Bank of Canada meets Tuesday to set the overnight rate, which in turn affects the Bank Prime rate… and as expected, no one thinks they will raise rates… Great news for borrowers.. money remains cheap…   Read the full report. Interesting little aside… the activity for mortgage underwriters has really picked up in the past 3 weeks…  looks like borrowers are taking advantage of the low rates….

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