Huge political events in this area are expected to reshape how cities and provinces are responding to threat of the housing correction. The Ontario provincial budget- which will be released on April 27 promises to have new measures in cooling down the housing market. The other event is the B.C. provincial election and this event is intended for the voters who will weigh in on how the government is handling the housing file.
The package of housing measures in Ontario has involved the rental market including the home sales as announced last April 9. It was also mentioned that the provone developed a rent control reform and this calls to end a rule which sees an annual rent increase caps that apply to the residential buildings or units which were constructed before November 1991. However, a lot of economists say that the rent control is not the solution to the housing problem in Toronto.
Finance minister from Ontario has already announced steps in cooling down to cool down the hot real estate market in Toronto. This measure is intended to enhance the housing affordability, as announced by the official. This official did not comment on the particular measures other than the fact that they would actually address the supply and demand. There is a package of house measures that will tackle both home and rental sales sides of the real estate market.
When it comes to Ottawa, this news is intended to provide people a breathing space for the frenzied housing market in the region without unintended consequences in the other markets.
The Ontario government has already promised to announce an affordability measures soon. Some reports have stated that some of the buyers delay their real estate purchase because they are anticipating possible fixes. They have been in a stressful situation in a long time and now they think that finally, someone is going to save them and they are waiting for it already. Meanwhile, sellers who have brought new homes are in a rush to list their old properties. However, only few are not getting high bids from a month ago. Toronto market has been fantastic with an average sale at the Greater Toronto Area that skyrocketed on the previous month to $916,567 summing up to 33.2% compared to last year.
With a great supply and a limited supply, it was not a surprise for the bidding wars to end up in sales of hundreds and thousands of dollars. A lot of sellers brought those dollars out of the Toronto Area where they could get less congestion, more acreage, and a fair bit of cash.