It was no surprise changes were coming to try and temper Ontario's hot real estate market after all, Ottawa, on March 23rd, announced plans to create a national database of all properties that would aid the CRA in determining the number of foreign buyers. And we knew in advance that yesterday's meeting with Toronto's mayor, the finance ministers from Ontario and Ottawa and Premier Wynne was about cooling provisions (and 2018's Provincial votes). Well, Premier Wynne announced her plan today.
Referring to it as the Ontario Fair Housing Plan, Ms. Wynne dropped a couple bombs, that, although some of my peers - the usual industry related suspects are pretending it will be business as usual, it will not. The question isn't so much if the real estate market will be tempered but more so by how much and where will the most damage be done.
I'll answer the latter now - York Region.
As an added bonus, the plan includes a couple long overdue changes to how we real estate brokers and salespeople do things are in the works. Unfortunately, some of it seems destined for weeks, maybe years of debate and red tape.
The very first graphic at the top of the page is a synopsis of the impact the most relevant provisions, as in capable of doing damage, of the 16 provisions in the plan may have. More details for each of those are outlined in the series of graphics following.
First up, the plan outline in point form:
Next up - what the database will have on buyers and sellers. It's important to note that the relevance of this database to verify owner declarations cannot be understated. Mortgage lenders, insurance companies, Municipalities, the CRA and the assessment authorities will rely on the buyer declarations.
Next looks at the 15% Speculator tax
The provisions affecting Landlords and Tenants. The provision that would regulate landlords wishing to evict a tenant because they want the property for personal use is important in that too many landlords enabled by their misguided agents wrongly apply this provision and end up on the unfavourable side of it.
The possible changes to the way real estate brokerage. Much needs to change and hopefully this isn't all talk no action. Double-ending and dual agency needs to be abolished absolutely and without delay. I've written to Ms. Wynne asking for an end to the "sold over asking" and "coming soon" advertisement campaigns along with other suggestions such as the banning of double-ending.
By Penny Elizabeth Dutkowski, Broker
Always telling it like it isHomeLife/Bayview Realty Inc., Brokerage-Independently Owned
and Operated. Thornhill, On. (905) -889-2200
and Operated. Thornhill, On. (905) -889-2200
All posts are the express opinion of Penny Elizabeth Dutkowski and should not be construed as that of the Brokerage.
No comments:
Post a Comment