:: Real Estate Issues being addressed ::

Three key issues are being discussed by the REALTORS® Political Action Committee (PAC) with our local members of Provincial and Federal Government this fall.

Additionally through our efforts, Progressive Conservative MPP Joe Tascona (Barrie-Simcoe-Bradford) has responded to the recent public attention being given to the issue of title fraud by introducing a Private Member’s Bill.

The Restore the Deed Act proposes reforms to the Land Titles Act that would require increased security measures when registering new owners of property and enhances the availability of funds from the Land Titles Assurance Fund to compensate victims. The legislation has passed second reading and been referred to the Standing Committee on General Government for further deliberation.

Gerry Phillips, Minister of Government Services, has stated that the government will introduce
its own bill later this session.

Issue #1: Home Buyers' Plan
REALTORS® are asking the federal government increase the amount Canadians can withdraw from their RRSP under the Home Buyers’ Plan to $25,000. This reflects the 27 per cent increase in inflation since the limits were established in 1992. The program has operated for 14 years, but the withdrawal limits – $20,000 per person and $40,000 per couple – have not been increased to account for market realities and inflation. REALTORS® are also asking the federal government to adjust the limits every five years to account for inflation after the loan limits are increased.

Issue #2: Residential Rehabilitation Assistance Program
REALTORS® are asking the federal government to extend funding for the Residential Rehabilitation Assistance Program (RRAP) to 2010. This is a successful federal government program that has existed for more than 60 years. The program helps homeowners with low-incomes and fixed-incomes come up with the funds required to finance essential home repairs and upgrades. The current federal funding commitment for the program ends in March 2007.

Issue #3 : Reinvestment in Real Property
REALTORS® are asking the federal government to amend the Income Tax Act to provide real property investors with the freedom to change asset classes without the financial penalties they currently face. Under our proposal, this would be achieved by allowing property investors to defer the capital gains tax and the capital cost allowance recovery on the sale of an investment property when the funds are reinvested into another within a specified time period. This change would allow investors to grow their real property investments, provide flexibility to their investment strategies, and encourage the upkeep of renovation of investment properties.

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