2 minute read.
Tomorrow, on June 7th, Ontarians will be going to the polls to cast their votes in the provincial election. There are many factors to consider when we are deciding who to vote for, but there is one that seems to pop up at every election. Housing. You may or may not be aware but the health of our province is measured by a few different factors, one of which is ‘housing starts’. Low housing development directly impacts our economy and low housing development of affordable housing makes matters even worse.
Back in 2015, the federal election was dubbed Canada’s “housing election” with the revamping of the Home Buyer’s Plan and a focus on more stringent data collection for foreign buyer activity. Moreover, there was the creation of a National Housing Strategy and a push for more affordable housing. Here we are five years later and unfortunately, Ontario has not seen a great deal of the promises it was hoping for by way of affordable housing. In fact, we went in the complete opposite direction in the GTA when housing prices started to rapidly climb in late 2015 and continued with what seemed to be no ceiling until the end of the first quarter of 2017 when a new foreign buyer tax was placed in effect along with revised mortgage stress tests.
Here we are, with a provincial election right around the corner and if you’re currently selling your home, you must be thinking; what the heck does that have to do with my house being on the market for 27 days? Or, why isn’t it selling? Keep in mind that when we are in an election year, many people tend to pause on purchases such as real estate, particularly when it is on the agenda for the election and especially when the outcomes will be very different depending on which party is elected to govern Ontario. Ultimately, the message here is to pay attention to the election platforms, particularly the real estate agenda and have patience until after the election and DON’T FORGET TO VOTE!