As many of you have heard, the Ontario Government just announced a few decisions they are imposing in an attempt to cool the Toronto housing market, a couple of which are in the right direction!
Finally, we’re going to see some rent control on some properties built after November 1991 (those built before are subject to controlled rental increases) meaning greedy landlords can’t kick people to the curb by doubling rent the next year in search of people willing to pay an inflated amount.
Another one that was a hot topic, is a tax on foreign and local speculators who buy pre-construction and then flip it for a profit during the building phase (known as an assignment sale). Finally, a tax will be introduced to curb people buying properties and leaving them vacant, effectively taking that house out of the rental or resale market which is driving down supply and increasing demand.
More land is being opened up for development and tax breaks to make sure shovels break ground asap, but construction takes time so supply won’t be increasing rapidly that’s for sure.
The big question is what will effect will this have on you.? The regular family – not much. Selling your home will be a bit more challenging so align yourself with a realtor who is actually going to push the listing. A lot of us have been told that houses sell themselves for so long that many actually started believing it – it’s not true, especially in a shifting market. Push through and get on the market! There is still very little supply comparatively to other years and demand is still very strong so make sure you do what is right for your family.
If you’re buying, now is the time! There is more listings coming onto the market as it’s spring and you’ll have opportunity to get out and not feel like you have to bid on every house you walk through because there may not be anything else coming out onto the market, ever.
There literally couldn’t be a time to keep your resolve and stay the course – these big scary changes (as they are portrayed by the media) are going to have little effect on you, the hard working family, looking to find a great place to call your home or those selling and making a change.
