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It's not just current homeowners who are benefiting from the recently released federal budget. MORE...

While those who plan on renovating may get to work sooner than later thanks to a 15% tax break on renos between $1,000 and $10,000, those breaking into the world of home ownership may feel left in the cold.

However, the budget has taken first-time buyers into consideration, offering financial breaks that could make a significant difference in what they can afford.

That's why we asked the experts: What do I, as a first-time buyer, need to know about the housing market in 2009?

"We're now seeing more first-time buyers seriously considering making the jump this spring to homeownership."

That's because first-time homebuyers can now qualify for a $750 tax credit, which can help with closing costs such as appraisals or legal fees.

Additionally, home buyers can now withdraw up to $25,000 from their RRSPs under the Home Buyers Plan for a down payment -- that's up from the previous limit of $20,000.

And, Siegle says, couples can access an extra $10,000 from their RRSPs under the plan.

Combine these financial benefits with the help and advice of a mortgage broker, and Siegle says potential buyers will be able to break into the market virtually stress-free.

And according to Karla Taylor, marketing co-ordinator for Jayman MasterBuilt, knowledge is key when it comes time to making a purchase.

"The government's tax credits are an incentive. However, I'm not sure how many people are aware of this," she says.

"I think it is a great time to buy," she adds. "With interest rates so low, this minimizes your monthly payments."

Additionally, she adds, many Calgary and area home builders have dropped their prices, meaning less money in the bank for them, but more bang for the buck for buyers.

However, the low prices won't last forever.

"The problem is, so many people are waiting for prices to go lower," Taylor says, but that's not expected to happen. As supply is sold and demand increases, the only way to go is up.

"It seems as though everyone ... has something different to say, and you hear rumours that scare people, especially first-time homebuyers," Taylor says.

"With that said, we believe it is a great time to buy. If you missed your chance a few years ago, now is your time to get in before you miss out again."

Call Lisa Au for more information
Invis Mortgage Associate
P: (403) 681-0217
F: (403) 277-8079