It is no secret there is a Red hot real estate market out there and in the last few months the conditions have increased the volatility making it even more unpredictable, causing the dream of owning your home to slip further away and is especially frustrating to first time owners. Nevertheless according to the Realtor.ca statistics, visitors are still using their app more and more to research the market for a property that fits their budget and needs , meaning that many are still awaiting in the benches to have their shot in the market, if you feel like you are one of them, don't lose your hopes, as there is a new legislation deployed by the government of Ontario to mitigate this matter. The following chart shows you the TOP 5 filters used in Realtor.ca.
|
|
building types |
Property type |
Maximum Price |
|
1 |
house 70.9% |
Residential 84.1% |
$500K 6.6% |
|
2 |
row / Townhouse 12.7% |
No preference 4.8% |
$600K 6.0% |
|
3 |
Apartment 7.5% |
Vacant Land 4.0% |
$400K 5.2% |
|
4 |
Duplex 4.6% |
Condo / Strata 3.7% |
$700K 4.6% |
|
5 |
Triplex 1.5% |
Multi Family 1.7% |
$1M 4.2% |
In Order to tackle down the housing affordability issue, the Ontario Government released a new legislation, The More homes to everyone act . (Click the link to read more). This act will:
- Use financial incentives to encourage municipalities to speed up zoning by-law amendments (OREA recommendation).
- Increase the certainty of development charges to bring down prices on new homes.
- Strengthen consumer protections for purchasers of new homes by doubling fines and extending building license suspensions to address unethical conduct by developers (OREA recommendation).
The Bill also proposes to increase the non-resident speculation tax (NRST) rate to 20 %( Previously @ 15%) and this not only applies to the Greater Golden Horseshoe but to the province-wide and closes loopholes to fight tax avoidance. These changes come into effect March 30, 2022.
While the new Act will help to let off some steam, OREA understands there is more to be done to direct the housing affordability in the right path and make the dream within reach again, so be expecting more measures to come around through out the year .
I hope this short article gives you some insights of the current market conditions. If you are thinking of buying, selling or investing or if you are a first time buyer don’t hesitate to contact me, i will guide you from the start of your transaction untill i hand you the keys of your property, just simply fill out the contact form and I will get in contact with you. Please feel free to share within your network!
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