Saskatchewan Premier Scott Moe has announced new measures to support homeowners in the province. In a press conference on Tuesday, Moe promised an increased first-time homebuyer tax credit and the return of the home renovation tax credit.
The first-time homebuyer tax credit, which was introduced in 2012, will see an increase from $3,000 to $4,000. This credit is available to first-time homebuyers who purchase a newly constructed home or a resale home. Moe stated that this increase will help alleviate some of the financial burden for those looking to enter the housing market for the first time.
In addition, the home renovation tax credit, which was previously available from 2008 to 2011, will be reinstated. This credit allows homeowners to claim up to $10,000 in eligible home renovation expenses on their income tax return. Moe explained that this credit will not only benefit homeowners but also stimulate the economy by creating jobs in the construction industry.
Moe also addressed concerns about the rising cost of housing in the province. He stated that the government is committed to working with municipalities and developers to increase the supply of affordable housing. This includes exploring options for reducing red tape and streamlining the development process.
The premier also emphasized the importance of supporting homeowners during the COVID-19 pandemic. He acknowledged that many families are facing financial challenges and these measures are meant to provide some relief.
The increased first-time homebuyer tax credit and the return of the home renovation tax credit are expected to cost the province approximately $13 million. However, Moe believes that the benefits to homeowners and the economy outweigh the cost.
These measures have been met with positive reactions from the Saskatchewan Realtors Association and the Saskatchewan Home Builders’ Association. Both organizations have expressed their support for the government’s efforts to make homeownership more accessible and affordable.
The changes to the first-time homebuyer tax credit and the reinstatement of the home renovation tax credit will come into effect on January 1, 2022. The government will continue to monitor the housing market and make adjustments as needed.
In conclusion, Premier Scott Moe’s announcement of increased support for homeowners in Saskatchewan is a promising step towards making homeownership more attainable for first-time buyers and stimulating the economy through the home renovation sector. These measures, along with the government’s commitment to addressing housing affordability, demonstrate a dedication to the well-being of Saskatchewan residents.
