Abbotsford Real Estate in Abbotsford British Columbia – Monique Papineau – www.moniquep.com

On May 2, 2011 Canadians head to the polls for the fifth federal election in 11 years. How important is this election to Fraser Valley REALTORS®, property buyers, sellers and investors?

The federal government’s jurisdiction is broad when it comes to housing and real estate issues and includes powers over Aboriginal land claims, Canada Mortgage and Housing Corporation (CMHC) mortgage insurance, the Do-Not-Call list, mortgage finance rules, income tax investment rules, the Harmonized Sales Tax, the Competition Act, the Income Tax Act, and the proceeds of crime (money laundering) legislation (FINTRAC).

Policy developed in Ottawa affects local property buying decisions. As part of the Canadian Real Estate Association’s Political Action Committee, FVREB representatives have met with area MPs in Ottawa and locally, to focus on two key issues. We’ve asked the federal government to:

1. Index the Home Buyers’ Plan withdrawal limit to keep pace with home price changes.
   The plan now allows a home buyer to withdraw up to $25,000 (couples can withdraw up to $50,000) from their RRSP to use as a down payment for a home. CREA lobbied for many years to have the amount raised from $20,000 per home buyer and $40,000 per couple. The plan needs to be indexed.
2. Allow investors in income properties to defer the capital gains tax and the recaptured capital cost allowance. Investors who sell one property and who reinvest the proceeds in another income property within one year should have access to these tax incentives, which will also go a long way towards stimulating much needed investment in rental properties.

Ridings in the FVREB area

There are 7 federal ridings in our communities:

• Abbotsford
• Pitt Meadows–Maple Ridge–Mission (shared with REBGV)
• Fleetwood–Port Kells
• Langley
• Newton–North Delta
• South Surrey–White Rock–Cloverdale
• Surrey North

Close races

Within the Board boundaries, there are two ridings worth watching in this election. Close races are expected in ridings where there is no incumbent and in ridings where the vote count was close in the last election.
They include:

• Newton–North Delta: In 2008, Liberal incumbent Sukh Dhaliwal was re-elected in a tight three way race, beating the Conservative candidate by 2,493 votes.
• Surrey North: Conservative Dona Cadman won this seat by only 1,000 votes in 2008. This year’s Liberal candidate, Dr. Shinder Purewal, once ran against Cadman’s late husband, Chuck who held the seat for three terms. Jasbir Sandhu, the New Democrat candidate, is touted as being a front runner. Expect a close race.

The results in BC are important because even a few seats changing parties could affect whether the government is a minority or a majority for any one party.

Election questions

What riding do I live in? Who’s running in my riding? Am I registered to vote? Where do I vote? What if I didn’t receive a voter card in the mail? To have these and other questions answered, visit www.elections.ca. Look for “Vote. Shape Your World” and click Go.

Which parties’ views are most like yours?

Participate in cbc.ca’s Vote Compass at www.cbc.ca/votecompass. This is a free survey developed by political scientists that asks you for your opinion on a number of political issues and then shows you how your views compare with the platforms put forward by each of the political parties.

How to get the most out of the Federal Election

Inform yourself at www.elections.ca or media websites like www.cbc.ca/canadavotes.

Also, FVREB’s Government Relations committee has been supporting local chambers of commerce all-candidates’ meetings. There’s one left in Abbotsford. It’s at 7 pm on Thursday, April 28 at the Garden Park Towers (#101, 2825 Clearbrook Road).

http://www.fvreb.bc.ca/newsreal/2011NR/2011articles/FedElection.html