[caption id="attachment_912" align="alignleft" width="300"] (Photo credits: Kate Ter Haar/Creative Commons)[/caption] With oil prices taking a hit and low interest rates available, it's no wonder homeowners and homebuyers are apprehensive about how these changes will affect the housing market. In Alberta, a province where oil is a major economic driver, there was signs of panic, especially in Calgary's luxury real estate market, according to the Globe and Mail. Luxury real estate agents were receiving calls to list their homes before Christmas, which is typically a slow time of year. In January, sales were down by 35 per cent from the same time last year, while new listings were up by 40 per cent. The luxury real estate market has already been hard hit with the sale of million dollar homes dropping by 43 per cent from the year before. This is a wide difference from last year when luxury housing in the city reached a record number of sales and prices. Meanwhile, it's expected that British Columbia's housing market will benefit from the economic hit Alberta is facing. Within the last few years, more BC residents moved to Alberta, but this trend started to reverse in the third quarter of last year with BC's economy chugging along, according to the Globe. Many people moving to BC will settle in Vancouver or Fraser Valley. With more residents looking to own a home, especially with low interest rates, this could continue to push housing prices higher. Affordability will play in a large factor in a BC resident's homebuying decision and some families will only be able to afford a home in the suburbs due to the high cost of housing within the Greater Vancouver area. Toronto's housing market has also benefited from a drop in oil prices and low interest rates with home sales jumping by 6.1 per cent in January compared to this time last year, according to the Globe. Most of the sales took place in the suburbs thanks to a more affordable average cost of a detached home at $650,000 compared to $950,000 for a property downtown. Condo sales in the GTA also picked up in 2014 after a slump the year before. Investors remain attracted to condo units with the city's high rental demand, while first-time homebuyers find houses to be above their property budgets. While construction on many condo units is underway, it's expected that there'll be a boom in purpose built rental property developments. Also, developers may be making more accommodations for families through family-friendly amenities and two-bedroom suites. If you bought a newly built property, whether as an investment or for personal use, you could qualify for an HST housing rebate. With the help of Rebate4U, put some money back into your pocket by filing a claim with the CRA. We strives to provide our clients with the most professional and quality service in obtaining rebates for their new and extensively renovated homes. We are proud to offer our clients the most personal and attentive service, and we make sure that all of our clients are 100% satisfied.

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HST housing rebate

25 October 2024

Can You Apply for the HST Rebate More Than Once?

Those who’ve already applied in the past once may be considering applying again with a new home. If you want to apply again for the HST Rebate on New Homes, here’s what you should know.

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HST housing rebate

17 October 2024

How the HST Rebate Can Make Your Renovations More Affordable

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30 September 2024

Signs You've Made a Mistake on Your New Condo HST Rebate Application

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13 September 2024

Benefits of Tearing Your Home Down to Its Studs

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HST housing rebate

29 August 2024

Why Apply for the HST Rebate If You're Renting Your New Property for the Academic Year

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HST housing rebate

15 August 2024

How to Get Money Back on Your Summer Home Rebuild

Many new and existing homeowners in Ontario take the warm summer months to complete their summer construction projects. If you’ve been working on a significant home renovation or building a brand new home from the ground up, then you could be eligible for the HST Rebate in Ontario. The popular rebate program is offered to residential home buyers and is meant to help homeowners save on the...

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HST housing rebate

25 July 2024

Can Rental Properties Qualify for the HST Rebate in Ontario

Homeowners have allways had great opportunities to benefit from HST rebates in Ontario. However, now renters have similar opportunities, if you meet the eligibility criteria. Contact Rebate4U for more!

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HST housing rebate

17 July 2024

How to Get Money Back from Your Home Construction with the HST Rebate in Ontario

Opting to build your own home from scratch has numerous benefits including the fact that you can obtain an HST Rebate. Contact Rebate4U for a free consultation!

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Newly built homes

21 June 2024

Benefits of Building Your Home with the HST Rebate in Ontario

Buying a new home in Ontario is a significant investment and a challenging process in the region’s competitive real estate market. As a result, many prospective home buyers look to buying land or properties that need large-scale renovations instead of buying directly from a builder or a ready-to-live-in, listed property. Understanding the financial benefits of building your own home with the...

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HST housing rebate

11 June 2024

Frequently Asked Questions About the HST Rebate in Ontario in 2024

The new housing rebate is a fruitful opportunity for residential property owners and buyers across Ontario who fit the eligibility criteria. The HST Rebate in Ontario is applied to newly built or renovated homes and when applicable, can result in tens of thousands of dollars back into the pocket of the home buyers. When approaching the application process for the HST rebate on new homes or newly...

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