Included in the 2009 2010 federal budget were a number of important housing initiatives that will
encourage Canadians to purchase a home and make improvements to existing housing. For example,
the RRSP Home Buyers Plan was increased from $20,000 to $25,000 after a concerted lobby effort
from REALTORS®, Additionally, there is a temporary tax credit for first time home buyers of up to $750.00 designed to offset closing costs as well as a Home Renovation Tax Credit (HRTC) of up to $1350.00 for homes, cottages or condominiums. The HRTC expires February 1, 2010.
Overall Budget 2009 provides up to $7.8 billion for housing construction and renovation. This includes:
The temporary Home Renovation Tax Credit of up to $1,350 for eligible home renovations
An increase to the Home Buyers Plan withdrawal limit to $25,000 from $20,000 to help
Canadians buy a first home.
A new First-Time Home Buyers Tax Credit that will provide up to $750 in tax relief when
purchasing a first home.
$300 million over two years to the ecoENERGY Retrofit program.
$1 billion over two years for renovation and energy retrofits to social housing.
$400 million over two years to build housing for low-income seniors.
$75 million over two years to build social housing for persons with disabilities.
$200 million over two years to support social housing in the North.
$2 billion over two years in low-cost loans to municipalities to improve housing-related infrastructure.