New Home tax break

The NDP highlighted on Monday a part of their party’s platform to offer a maximum of $7000 to buyers of New construction of Single-Family Dwellings. This money would only be available to the first 1500 accepted applicants if the maximum amount of $7000 was given out to each. You would be eligible for the maximum if you purchased a home over $175,000 and only homes that are purchased between May 1 and December 31 2009.

Problems with this plan

“So who wins and who loses in the NDP’s home lottery?” said Brooke Taylor,the transportation and infrastructure renewal minister. As the plan stands right now, anybody who was planning on purchasing a new home and opted for a resale home instead in the last few weeks would be out of luck. So why would they start the program on May 1st? Also, only the first 1500(if the maximum was paid out to each) families that bought after May 1st and applied would be eligible.  We won’t know the numbers of SOLD new construciton units in the month of May until some time in June but who knows where that number stands right now.

Tagged as: new construction, new home tax credit, new homes