I woke up yesterday morning, sprung out of bed and grabbed the news (as always) while sipping on my morning coffee to read what may be the most interesting news article i’ve seen in the last few months. Yeah I know, it’s just the welcome tax, not a big deal right? Wrong!
Since the start of 2020, buying a home has never been as hard for first time home buyers. The lack of inventory to choose from, the startling amount of offers on any property that has even the slightest to offer, and the anxiety the process causes is sometimes unbearable. Couple this with the fees associated with buying a home such as notary fees, inspection , welcome tax and buying new furniture.. The weight load can definitely bear heavy on young buyers.
Should the government decide to remove welcome taxes for first time home buyers, and increase the Home Buyers Plan to a maximum of $50,000 as proposed, this would make for less expenses and access to more funds for first time home buyers lowering their payments and also getting them into a home without an additional expense no one needs.
Now, very important to note, should the government add this program in, it should be one added without strings, not like some of its past programs where people get a refund or a credit and are obliged to pay it back with interest once they decide to sell said property. If you’re going to help young, first time home buyers, do it right or don’t do it at all. We don’t want another reson to vote for you, we want easier access to our first homes!