The home ownership rate in Halifax has steadily increased over the last four decades, ac­cording to a new report.

Data included in the ninth annual edition of the Canadian Housing Observer, released by Canada Mortgage and Housing Corp., shows the rate of home ownership — defined as people with a mortgage or who have become mortgage-free — was at 64 per cent in Halifax in the 2006 census year, compared to 53.2 per cent in 1971.

The provincial rate has been relatively flat over the same period, at 72 per cent in 2006, up from 71.2 per cent in 1971.

About 37 per cent of those classified as Halifax homeowners by CMHC owned their property without a mortgage in 2006, the year with the most recent avail­able data.

Those numbers are relatively close to the national averages of a 68.4 per cent ownership rate, with 42 per cent of those without mortgages.

The number of Halifax home­owners under 35 years old in 2006 was 12 per cent, the same as the national average.

“We’re very diverse and spread out to all the different sectors and industries within the busi­ness world, and I think that’s what makes us very similar to Canada, as a whole, (with re­spect to) the national averages," said Matthew Gilmore, senior market analyst at the CMHC Atlantic Business Centre.

Of the 37 municipalities listed by CMHC, the highest rate of home ownership was in Cape Breton, at 75 per cent. Cape Breton Regional Municipality was the only municipal area to have more than 50 per cent of its homeowners without mortgages.

Those numbers are normal for an area that has an average home price hovering around $150,000, compared with almost $270,000 in Halifax, Gilmore said.

“It’s just a more rural city compared to Halifax, it’s smaller scale, the population is a little more spread out.

“With less expensive housing, you’re going to have a little bit higher home ownership rates; with less expensive housing, you’re going to be more likely to see people pay off their mort­gages a little bit faster."

The median after-tax income of Halifax households was $49,300 in 2009, below the na­tional average of $52,000 Another indicator showed that seven per cent of all Halifax homeowners have condomini­ums, below the national average of 11 per cent and far below other cities such as Victoria, Vancou­ver, Edmonton and Toronto.

In 2010, more than one-third of all housing starts across Canada were condominiums, up from 29 per cent the previous year, with Vancouver leading the charge.

More than 50 per cent of all 2010 housing starts in Vancouver were condominiums, followed closely by Montreal, which was at 50 per cent.

However, according to Gil­more, less than 10 per cent of all housing starts in Halifax over the last five years have been condo­miniums, compared with as much as 75 per cent in some other cities over the same period. “What are we building in­stead? We’re building rental units, and we’re building rental units because they’re very com­petitive in Halifax.

“Builders are still able to put together a business case to build a 100-unit building and offer very high-end finishings, materi­als, details, large units, and still keep the price well below the carrying cost of a condo, and that keeps it very competitive and makes the apartment industry very attractive in Halifax."

The Canadian Housing Observ­er is put out annually and exam­ines market trends by looking at key housing indicators such as starts, sales, housing prices, rents and rental vacancy rates.

This year’s report focused on the national housing financing sec­tor, household indebtedness, seniors housing and social hous­ing.

The CMHC report also in­dicated that housing-related spending accounted for more than 20 per cent of the national gross domestic product, contrib­uting about $330 billion to the Canadian economy in 2010 — up 7.1 per cent from $308 billion in 2009.

The number of building permits issued in Nova Scotia decreased significantly in October from the previous month, Finance Depart­ment figures say. According to those numbers, building permits declined by 39.2 per cent, or a value of $52 million in October, which fol­lows a four per cent increase the previous month.

While the value of industrial permits increased by $3 million, residential and commercial per­mits declined by $24 million each and institutional and gov­ernmental building permits decreased by $8 million.

Overall, permits in Halifax were down 44.7 per cent, with a $20.8 million decline in resi­dential value. But Thomas Storring, the de­partment’s director of economics and statistics, said monthly fig­ures don’t tell the whole story.

Storring noted that since 2001, declines in the number of build­ing permits in excess of 30 per cent have happened six times and increases in excess of 30 per cent have happened 17 times.

“Building permits on a month­to- month basis are quite volatile. We do pay attention to them because they do give us an early indication of construction that could be coming, but they could be heavily influenced by large single projects."

Year to date, from January to October, provincial permits are down 15.6 per cent, led by a residential drop of $30 million in value, and $191 million in non­residential construction.

Joseph Daniel, general manag­er at Cresco , which builds homes and has recently entered the multi-unit construction mar­ket, said he has noticed a decline in demand for new homes.

“We have noticed that there is a higher demand on multi-units lately in the past few years, but we have maintained a steady flow of new home construction as well," he said.

A contributing factor in the declining popularity of new home construction was the two percentage point harmonized sales tax increase on new homes to 10 per cent from eight, as well as a general hike in other con­struction- related costs, he said.

“That’s a hard number to swal­low for most people, when salaries have essentially been flat.

You may not notice that on a candy bar, but when the average price of a new home now is $395,000, that’s $8,000. And that makes it a lot more challenging." Al Demings of Re/Max Nova

said new construction represents about 15 per cent of entire real estate marketplace.

But those increased costs are discouraging for first-time buyers, who are opting to buy homes in the $250,000 price range.

“A new home, versus a recent­ly aged resale home, is probably 15 to 20 per cent higher for new construction," he said.

The $25billion shipbuilding contract, announced in October, is the reason the local real estate market is finishing strong in 2011, said the annual Re/Max housing market outlook.

The number of homes sold in Halifax-Dartmouth is expected to increase by four per cent over 2010 levels, to 6,200, by the end of the year, with the average value also increasing four per cent to $263,000.

That would not have been foreseen before the contract announcement, Demings said.

“That translated into a huge surge for this time of year. We normally don’t see this kind of activity."

While the market is slowing down as winter sets in, it is ex­pected to pick up in February and March. Overall, Re/Max is forecasting a five per cent in­crease for Halifax-Dartmouth next year, to 6,500 units sold, and a five per cent increase in price to $276,000.

“We expect the spring to be relatively strong."

Citing an expected decrease in apartment starts in Halifax, along with relatively slow job growth, weak gross domestic product and stagnant migration numbers, the

Altus Group is predicting about 700 fewer housing starts in 2012 than the 2,800 expected by the end of this year.

But that prognosis is not limited to Halifax or the rest of the province, but to the entire region as well.

“The single family will prob­ably be pretty steady next year, but modestly lower housing starts on the multi-family housing side, in particular, as this surge of activity comes through the pipeline," Altus Group chief econo­mist Peter Norman said in an interview from Toronto.

This followed a “pretty strong year for housing starts" in the municipality in 2010, which was up “substantially" from 2009 as a result of rising migration levels to the city.

Next year’s dropoff in starts can be attributed to an expected slowdown in the number of apart­ment starts and multi-family dwellings, which experienced growth in 2010 and 2011.

“And that’s to do with a number of projects which are underway right now and got going after the recession, and responding to some of the growth factors at that point in time," Norman said.

“Obviously, we’re working through that burst of investment activity, but these things now are under construction and coming forward."

That burst of apartment build­ing activity in Halifax was due, in part, to low interest rates. As rates remain low, and may even be lowered more, that is no longer an important factor in the decision to build.

“So the issue is right now, if we’re low and steady on the interest rates and if we’ve already had a couple of surges of supply and demand responses to these interest rates, is there really a massive pool of potential buyers out there ready to respond to low interest rates, and I think probably not," Norman said. “I think we’ve worked through a lot of that valuebuyer activity that was responding to low interest rates."

New home sales and particular­ly those on the resale market will be flat or perhaps even drop in 2012, partially driven by a modest increase in prices.

“Once we saw prices basically migrating from about $250K to about the $270K in terms of average price, that started to take out a little bit of the steam, in my opinion, out of that market," he said.

Norman said the forecast took into account any effect the $25-billion shipbuilding will have on the market.

But no tangible effects of the contract will be felt in the housing market until at least 2013, he said. Rob Faulkner, president of the Nova Scotia Association of Realtors, said he was optimistic about the housing market in 2012 and beyond.

“Nobody’s got a crystal ball, we know that, but we do know that Nova Scotia has had some great news," he said about the ship­building contract.

“Actually, Nova Scotia’s economy is not in bad shape at all, and we’re optimistic that we’ll continue to see some increases for us in the next few years."

According to the association, sales increased by 8.7 per cent and price increased by 1.7 per cent in October from the same period last year.

The sharpest increases in sales were seen in northeastern Nova Scotia, South Shore and Cape Breton.

Halifax-Dartmouth saw a 7.8 per cent increase in sales 1,512 units sold in October and a 3.9 per cent increase in price to $243,751.

February 2011

CMHC reports new-home construction in Halifax rebounded
by 38 per cent in 2010; will see modest declines in 2011

For 2010 and looking into 2011, it would seem that the adage “slow and steady wins the race" is appropriate when it came to the real estate market. With a strong start and slow finish, the 2010 residential real estate market in Nova Scotia reported a 0.4 per cent increase in sales as compared to 2009.

“In Halifax, single-detached starts were up 27 per cent after three quarters of the year, however a slight decline in the fourth quarter resulted in singles finishing the year up 19 per cent compared to 2009," says Matthew Gilmore, senior market analyst with CMHC’s Atlantic Business Centre.

On a full-year basis, single starts in­creased 12 per cent in Nova Scotia’s urban centres and 19 per cent in Halifax, while multiple starts were up 48 and 57 per cent in each area, respectively.

“On the multiples side, starts in 2010 were largely supported by a high level of apartment-style construction. Builders responded to an increase in demand for rental accommodations as construction began on 1,043 apartment units last year," Gilmore adds.

“It was important to start the year strong after a slow 2008 and 2009," comments Karen Edwards, president of the Nova Scotia Association of REALTORS®. “Consumers regained their confidence in buying and selling and the winter market saw a flurry of activity. However, this activity took away from the late spring market, and sales began to slow.

“Regardless, the 2010 market was healthy and balanced overall."

Paul Pettipas, CEO, Nova Scotia Home Builders’ Association (NSHBA), agrees.

“From my point of view 2010 wasn’t a bad year, especially coming off 2008 and 2009," he says.

“In general, we don’t have huge ups and downs in this province — we are lucky in that way. It’s been steady, and people can see the light at the end of the tunnel.

“For 2011 renovators are re­porting that they are booked right up in to the spring," continues Pettipas.

“As long as those in the indus­try watch the bottom line and remain productive, I predict a nice, steady year and even a cautious increase."

Yarmouth saw the most significant change in its real estate market compared to 2009, reporting a 26.6 per cent increase in sales and a 10 per cent increase in listings. The average price was down 0.9 per cent. Part of this can be directly linked to the eco­nomic impact of the cancellation of the CAT Ferry and its sub­sequent effect on the area’s real estate market.

After a shaky 2009, the South Shore area rebounded well with a 10.9 per cent increase in sales and a 4.2 per cent increase in average price. The Annapolis Valley also fared well in 2010 with a 7.5 per cent increase in average price.

The Cape Breton, Halifax-Dartmouth and Northern Nova Scotia markets all reported minor decreases in sales as listings were also down.

The Highland Region was up very slightly in both sales and listings; however, average price was down by 9.8 per cent. This decrease brought balance back to pricing in that area, which had a 12 per cent increase in 2009.

Cautious optimism

As for the outlook for 2011, experts are cautiously optimistic.

“The Nova Scotia economy is expected to grow approximately 1.6 and 1.5 per cent in 2010 and 2011, respectively," explains Gilmore.

“Halifax is expected to contin­ue to be the main driver of growth in the province as the city benefits from a diversified em­ployment base and a number of large projects and contracts."

CMHC reports that new-home construction in Halifax rebound­ed by 38 per cent in 2010 and will see modest declines in 2011.

“For 2011, it is expected that a 7.5 per cent decline in singles construction will be largely offset by a 10 per cent increase in apart­ment construction," says Gilmore. “This level of multiples activity follows declines of 16 per cent in 2008 and 17 per cent in 2009. Also in 2011 moderate economic growth will result in lower levels of singles construction.

“Expect approximately 925 new single starts in 2011 — a decrease of 7.5 per cent," ex­plains Gilmore. Existing home sales in Halifax are expected to remain subdued in 2011. MLS® sales are expected to see little movement in both 2010 and 2011 while prices are expected to continue to advance.

“The modest growth in MLS sales in 2010 is due largely to growth in the first half of the year. Expect to see a small decline in sales in 2011," continues Gilmore.

“One of NSHBA’s largest con­cerns is that the government is broke," says Pettipas.

“The stimulus money has to be paid back and there is a down loading of costs on to the con­struction industry.

“The two per cent increase in HST last year may not be a big deal on a cup of coffee, but on a $300,000 home that’s six grand."

February 2011
Home sale prices increased in 2010

The Canada Mortgage and Housing Corporation (CMHC) reports that home sale prices increased in 2010 compared with those of the previous year.

“Housing market activity in the Halifax Regional Municipality (HRM) advanced in 2010," says Mathew Gilmore, senior market analyst for CMHC.

“Both single-detached and multiple starts increased, as did existing home sales and average sale price."

There were a total of 2,390 housing starts recorded in 2010; a significant in­crease compared to the 1,733 starts record­ed in 2009.

“The increase in total housing starts was due in large part to an increase in apart­ment- style construction as ground was broken on 1,043 new apartment units in 2010 compared to 599 in 2009," reports Gilmore.

“In the singles market, there were 1,039 starts recorded in 2010 compared to 875 in 2009. Semi-detached and row unit starts increased from 259 starts a year ago to 308."

Also in 2010, the average price of an existing home increased six per cent to $251,116. The largest increase since 2008.

“Year-to-date, the average sale price increased 5.9 per cent to $251,116 as each submarket recorded an increase in average sale price," says Gilmore.

Price growth was strongest in Halifax County Southwest where the average price increased nine per cent to $243,122. In Halifax City and Dartmouth City, price growth was more modest at 4.8 and 4.1 per cent respectively.

“There were 5,766 existing home sales reported in 2010 compared to 5,867 a year ago," says Gilmore. “Sales growth was strongest in the Fall River-Beaverbank submarket where sales increased to 429 from 421 a year ago.

“Halifax City recorded a decrease of 1.3 per cent while sales in Dartmouth City reported growth of 1.3 per cent," reports Gilmore.

For the year, existing home sales de­clined 11 per cent in Halifax County East, 8.4 per cent in Halifax County Southwest and 5.7 per cent in Sackville. The Bedford– Hammonds Plains and Halifax City sub­markets each recorded more modest de­clines in existing home sales of 1.7 and 1.3 per cent respectively.

“Price growth was strongest in Halifax County Southwest where the average price increased nine per cent to $243, 122," says Gilmore. “In both Halifax City and Dart­mouth City, price growth was more modest at 4.8 and 4.1.

January 2011

Federal Finance Minister Jim Flaherty announced tighter mortgage
rules on Monday to combat concerns over high Canadian household debt.

"In 2008 and again in 2010, our government acted to protect and strengthen the Canadian housing market," Flaherty told a news conference in Ottawa. "We continue to do so today."Flaherty unveiled three main changes:
•The maximum number of years the government will back a mortgage was lowered from 35 to 30.
•The upper limit that Canadians can borrow against their home equity was lowered from 90 per cent to 85 per cent.
•Government insurance backing on home equity lines of credit, or HELOCs, has been removed.
The first change is likely to have the largest impact. Buyers who purchase a home with less than 20 per cent of the value of the home are required to purchase government-backed mortgage insurance through Canada Mortgage and Housing Corporation.

Under the new rules, mortgages amortized over longer than 30 years will no longer qualify for that insurance, making it effectively impossible to get a highly leveraged mortgage of more than 30 years in Canada. After companies began insuring mortgages of 40 years or more, Ottawa set the limit at 35 years in 2008 before Monday's move lowered it to 30.

"This measure will significantly reduce the total interest payments for Canadian homeowners," Flaherty said.

Aims to stem tide on consumer debt
He was referring to the fact that anyone taking a longer amortization on their mortgage will be paying much more in interest on their home.

Flaherty pitched the lowering of the amount that can be borrowed against home equity to 85 per cent to ensure Canadians retain some equity in their homes.

"This will promote saving through home ownership and limit repackaging consumer debt into mortgages," he said.

The final change, to remove government insurance on HELOCs, came as a result of Ottawa's concern that certain financial institutions were allowing homeowners to roll too may consumer purchases into CMHC-insured mortgages.

"I think that's particularly risky because some of those loans are not used to create housing. They're used to buys boats, and cars and big-screen television," Flaherty said. "That's not the business that home insurance was designed for."

Finance Minister Jim Flaherty, shown addressing reporters during a news conference last week, on Monday outlined several changes to mortgage lending rules. (Jeff McIntosh/Canadian Press)
While Flaherty called the changes "moderate," they did not include an increase to the five per cent minimum down payment Ottawa requires for a home purchase. They also stopped short of a proposal that surfaced last week which would have required 100 per cent of condo fees to be included in the list of expenses that are measured against income when financial firms consuder a mortgage candidate. Currently, only 50 per cent must be included.

The changes also come following recent warnings from the Bank of Canada on household debt levels.

In December, bank governor Mark Carney cautioned Canadian households and businesses not to be lulled by current low interest rates, because repercussions from a hike could be swift.

Rates 'will rise' "While rates are low by historical standards, they eventually will rise," Flaherty said Monday. He dismissed the notion that the announcement was timed to precede the Bank's next decision on interest rates, which are set to be revealed Tuesday.

"The particular timing today is not related to interest rate announcement," Flaherty said. "The governor and I speak regularly, and we discuss these types of issues and we make an effort to make sure government policy complements the Bank of Canada's monetary policy."

Last week, Agathe Cote, a deputy governor at the bank, told a Kingston, Ont., audience that a sudden weakening in the Canadian housing sector could affect other areas of the economy given the high debt loads of some households.

If that shock hits, Canadians would be expected to cut back on their spending, she said.

Sept. 2010
Home energy program offers up to $7,000

Buyers of new energy efficient homes can qualify for thousands in new rebates from the province, giving consumers a chance to offset the Dexter government’s sales tax hike, says one builder.

Under the program, homes that achieve an Energuide rating of at least 83 qualify for a rebate, ranging from $3,000 to $7,000, Energy Minister Bill Estabrooks announced this morning.
Estabrooks, the minister responsible for Conserve Nova Scotia, said benefits of energy efficient homes include lower energy costs and greenhouse emissions. He said the rebate program should also create jobs by encouraging more new home construction.

“Quality materials and extra attention to detail do increase the cost of energy efficient homes,” Estabrooks said at a news conference in Dartmouth.

“But when all of the homeowner’s monthly costs, including principle, interest, taxes, and energy are added together, an energy efficient home can actually cost you less to own.”

The program is limited to 1,200 buyers, or will be available until June 30, whichever comes first. The province has budgeted $4 million, which works out to an average rebate of $3,333.

The rebate for a rating of 83 or 84 is $3,000, from 85-87, it’s $5,000, and at 88 or higher, it’s $7,000.

The PerformancePlus program replaces the Energuide for New Homes program, which was introduced in 2007. The previous program’s rebates topped out at $1,250, and a home qualified with an Energuide rating of 80.

Estabrooks said the province had to step up with Ottawa shutting down its home energy efficiency incentives earlier this year.

Antigonish home-builder Gerry Connolly said he thinks the new program will be good for business.

“With the increase in the HST to 15 per cent, we needed some kind of a stimulus in the home-building industry,” said Connolly, owner of Enerscope Turnkey Homes.

The province put its share of the tax up two percentage points on July 1. Connolly said he issued a flurry of invoices in June to beat the tax.

He noted the new rebates could offset the tax increase.

The tax on a $200,000 new home is now $4,000 more than it would have been before July 1. The difference on a $300,000 home is $6,000.

However, a buyer also faces the increased of cost of getting the home to the 83-rating threshold.

Connolly said many new homes would already have a rating of about 80, and the cost of adding a few more points wouldn’t be exorbitant.

He said it would take a little more insulation, more detailed air-sealing, and the main issue likely would be installing an alternative heating system like a heat pump, rather than an oil-fired furnace or electric baseboard heat.

Connolly estimated the additional costs would be in the $5,000 to $10,000 range.

“People would do that, I think, if they thought they were going to get a rebate,” he said.

Other rebates include $200 for homes that are ready for a solar hot water system, and $1,000 if the solar equipment is installed.

It’s the second program for new home buyers the NDP have started since forming government in June 2009.

The other program was a 50-per cent rebate on the provincial portion of the HST. That program, limited to 1,500 homebuyers, ended earlier this year.

“Single-detached starts will climb approximately 14 per cent this year and five per cent in 2011. Multiple starts are forecast to rise 30 per cent in 2010 and another 10 per cent in 2011." Andrews said in an interview the big bounce in new home construction in Hali­fax marks a return to prerecession levels of activity following the economic downturn of 2009.

“That’s getting us up to comparable 2008 levels," he said Wednesday.

Existing home sales in Halifax are expected to grow this year and next year, Andrews said. “MLS sales will grow by almost six per cent in 2010 to 6,200 units and increase a further 2.5 per cent in 2011," he said. “Average home prices will continue to rise, reaching approximately $243,500 in 2010 and $250,000 in 2011."

CMHC said housing starts will increase across Atlantic Canada this year and in 2011 as low interest rates, rising incomes and moderate job growth encourage consumer spending. “Single starts will see a moderate recov­ery in 2010 and 2011 as the economy in Atlantic Canada continues to rebound," said CMHC regional economist Alex Mac-Donald in a news release.“Low vacancy rates and demographic trends related to an aging population will contribute to stability for multiple starts, which will remain flat in 2010 and rise moderately in 2011."

Existing home sales in Atlantic Canada are also expected to increase in 2010, with Nova Scotia experiencing a three per cent jump in sales.Moderate inventory declines in 2009 are expected to push up regional housing prices in 2010.

The expansion will bring natural gas to Fairview, Clayton Park, Bayers Lake and Bedford and should take about six months to complete, Heritage Gas announced Thursday in a news release.

The company has filed its expansion plans with the Nova Scotia Utility and Review Board on Dec. 1, 2009, and indicated this month that it would seek a permit so construction can begin.

CMHC Forecasting 6% Increase in House Sales in 2010

CMHC have forecast that the number of residential properties sold in 2010 will be 6% more than in 2009. Although sales dropped almost 8% in 2009 over 2008 the level of sales activity was near the record levels of a few years earlier. The real estate market in HRM< showed great strength throughout the economic crisis because the market is supported by military, government office,hospitals, universities and other recession proof employers.

Bus Service Expanded to Fall River, Enfield and Cow Bay - Feb.. 2010

Halifax Regional Municipality has a new plan to pave the way for Metro Transit.
The $93-million plan, to be implemented over five years, will bring limited bus service to rural areas, including Cow Bay, Enfield and Fall River.
New MetroLink routes will also be added, connecting Clayton Park and Spryfield with downtown Halifax. The initiative will introduce the Clayton Park link by next year.
Metro Transit will purchase 102 more buses under the plan.

Halifax tops in Q3 economic growth, CIBC says - Dec 2009

Halifax is on the move, according to a new CIBC study.
For the first time, Halifax ranked first among Canadian cites­ties for economic momentum, says the bank’s third-quarter Metro Monitor.
“The (nation-leading) ranking of Halifax was achieved despite the fact that the city did not lead the nation in any of our macro categories, reflecting its relatively diversified sources of economic growth and reduced vulnerability to economic shocks," CIBC senior economist and monitor author Benjamin Tal said Tuesday in a news re­lease.
The monitor uses nine macro­economic variables, including population growth, employment growth, unemployment rates and bankruptcy rates, to mea­sure metropolitan economic activity.
Mr. Tal called Halifax’s top finish in the quarter, during which the city’s overall employment grew by three per cent year-over­year, a notable improvement from its fifth-place finish six months a go.
Statistics Canada said this week that a 0.4 per cent annualized jump in Canada’s GDP officially ended the recession.
But Mr. Tal said Canada’s major cities are still hurting, with 10 of the top 25 urban areas, which generate two thirds of the country’s GDP, showing negative growth in the quarter.
Finishing behind Halifax in the top 10 were Regina, Saskatoon, Sherbrooke, St. John’s, N.L., Saint John, N.B., Toronto, Winnipeg, Quebec City and Montreal.Vancouver ranked 12th, Edmonton was 13th and Calgary 15th.

The Federal budget for 2009 included three items that apply to real estate.
1) The First Homebuyer's Plan is a 15% tax rebate on amounts spent for closing costs up to $5000. The maximum credit is $750. The way it works is you can claim a credit , not deduction but an actual reduction in your income tax, up to $750 on 2010 Income Tax Return. The property must have been purchased after January 27, 2009. First Homebuyer means you or your spouse or common law partner cannot have owned a home in the last 5 years. For example if you close a property and spend $5000 in closing costs such as deed transfer, legal etc you would be eligible to claim 15% of that as a tax credit or $750. However if you only spent $4000 you would only be entitled to 15% of the $4000 or $600.
2) The limit for the amount of funds a First Home Buyer can withdraw from their RRSP to buy a home is increased to $25,000 from $20,000.
3) A 13.5% tax credit for home renovations of more than $1000 and up to $10,000 was added. The maximum tax credit is $1,350. Renovations include such things as roof, windows etc. The way it works is you receive a tax credit on your 2010 Income Tax Return of up to $1,350. For example say you had a new roof installed and new windows and it cost you $9000. You would be entitled to 13.5% x $9000 or $1,215. if you spend over $10,000 you are only entitled to a maximum of $1,350.

For details on the Budget go to http://www.budget.gc.ca/2009/plan/bpa5a-eng.asp

Future phases of MetroX will include service along the Highway 101, 102 and 107 corridors.

MetroLink debuted in Portland Hills back in August 2005. The direct-service commuter bus, which connects bedroom communities with downtown Halifax, then expanded to Lower Sackville in February 2006.

The service has proven so popular that park-and-ride lots in both suburbs quickly had to be expanded.

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