The Fair or 'Vote Getting" House Plan

The dust is now settling from Premier Wynne's photo op on the 16 point Fair Housing Plan  from last Thursday, April 20th. We call it a 'vote getting plan' for the next election. In reality, there are only two points that impact the real estate market today. The First is the 15% non-resident buyer tax and the second is rent controls.

We don't believe the non-residential buyer's tax is a big factor in our market. We have far fewer non-resident buyers than Vancouver. When you look at Vancouver, sales and prices did drop initially, but today, prices are back to last year and sales are picking up.

In Toronto, we expected a similar, but smaller 'pause' in the market. We expected some price softening, then prices to regain their upward momentum. This is because Toronto has lots of buyers and very little product. So far we have seen no media hysteria, just 'so what' and no drop off in showing activity. This may be an even bigger non-event than we first thought.

Rent controls? We just kicked that can down the road for another Government to deal with.