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E-News & Views

Bill To Assist Seniors With Home Renovations Passed Into Law


On October 3, the Ontario Legislature passed the law that will assist seniors in making their homes more accessible.

Bill 2, Healthy Homes Renovation Tax Credit Act, 2012, will create a permanent, refundable Personal Income Tax credit to assist seniors with the cost of permanent home modifications that improve accessibility.

The credit would be worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses. It could be claimed by senior homeowners and tenants, and people who share a home with a senior relative. Seniors at all income levels can qualify.

Eligible expenses include renovations to permit a first-floor occupancy or secondary suites for seniors, grab bars, handrails, wheelchair ramps, installation of walk-in bathtubs and showers, lowering counters and making light switches, etc.

 

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To view all eligible expenses and learn how to claim the credit, visit the Ontario government website

As a vocal advocate for tax rebate for Ontario homeowners, OREA supported the legislation and spoke in its support in front of the Standing Committee on Finance and Economic Affairs.

In addition to helping Ontario seniors remaining homeowners longer, the new tax rebate will help create jobs essential to the health of Ontario's housing market and encourage the use of professional contractors and deter underground economic activity.

 

 


 

 
Ottawa market picks up as the leaves fall


Members of the Ottawa Real Estate Board (OREB) sold 1,073 residential properties in October 2012 compared with 1,059 in October 2011, an increase of 1.3 percent. There were 993 sales in September 2012.

“Compared to the five-year average, Ottawa is right on track, indicating that we are NOT experiencing a real estate downturn in Ottawa, but a slow, steady incline in units sold and average sale price,” said Ottawa Real Estate Board President. “Ottawa continues to be a great place to buy and/or sell a home.”

“Although the Ottawa market is characterized as stable and steady, there can be pockets of our market where fluctuations, such as larger increases in price exist,”. This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR for more information about the housing market outlook where they live, or want to live”, he added.

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $346, 492, an increase of 2.5 percent over October 2011.

 
   

 

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