Milton Real Estate - Katherine Barnett, Broker

New Measures to Cool Canadian Real Estate Markets

  • Katherine Barnett
  • 19 April 2017

As most of us already know, home sales across Canada are continuing to hit record heights month after month, with the national average up 8.2% and a whopping 33% for Toronto year-over-year. The Ontario budget will be released on April 27, which is said to introduce some new measures to cool the market.

Toronto Mayor John Tory brought up a vacant home tax to help curb speculation, and the foreign buyer tax that's still fresh in our collective memory is not off the table. Both of these have already been introduced in British Columbia and are said to be effective.

Another obvious strategy to cool the demand, which continues to drive prices skyward, has been discussed in the form of not introducing further incentives for first-time home buyers. At a meeting on April 18, all levels of goverment agreed to focus on policies that stimulate sales. As a result, Ottawa and Queen's Park won't increase tax credits and limits on RRSP deductions that home buyers can make to help with down payments.

It remains to be seen how these measures work out in the following months, as those that have passed in B.C. government trickle down to Ontario. With house prices on edge, there's never been a better time to sell. Are you curious about your home's worth? We would be happy to provide you with a free home evaluation to help you make a better informed decision. 

Contact: sales@katherinebarnett.com or 416-856-5161.

Source: http://www.theglobeandmail.com/real-estate/housing-market-solutions-proposals-required-reading/article34748656/?reqid=9cd3e9b9-8d11-437e-a1e3-9edf1bb31475