The reno tax saving is being used for more practical applications in this economic climate. According the Scotia Bank's economic report.The federal home-renovation tax credit has the potential to goose Canada's $40-billion home-improvement market, though not in the same way it might during a market upswing, according to a new report from Scotia Economics.
Scotia Economics, in its latest Real Estate Trends report, said it expects homeowners to "focus on more practical projects," such as energy-efficiency upgrades or repairs aimed at improving resale prospects vs. aesthetic improvements.
The uplift from the tax saving should help the construction reno sector survive the current downswing. The loss of tradespeople from the sector could have disasterous implications when we come out of this downturn.
As well, by improving the existing housing stock energy efficiency we should improve our long term environment impact.
Duncan Seward is associated with TMG a group of mortgage brokers in BC. He helps people arrange a mortgage in BC. Every Friday he updates BC mortgage rates. You can check out his blog covering the mortgage market in Vancouver.
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