We are all aware of the Fair Housing Plan which was placed by the Ontario Government on April 20th, a plan whose purpose it is to cool the housing market, impose a 15 per cent non-resident speculation tax and expand rent controls that limit annual increases. However, there has been much concern about whether this plan has benefited the province, mainly the GTA where the supply was at its lowest in the first quarter of 2017.
According to TREB’s research, since April, the average home price in the region fell about six perfect and sales of existing homes across the Greater Toronto Area dropped to 20.3 per cent in May. TREB also reported an increase in active listings which suggests that homeowners are starting to react to the strong growth in price and are beginning to take advantage of these equity gains.
These changes, although not all directly related to the Fair Housing Plan, show an influx in Toronto’s housing economy. Some experts suggest that if the market takes a hiatus then it will accelerate in the fall of 2017 to a strong stance.
Source: National Post