A year removed from the Fair Housing Plan, and the market seems to be have come down and stabilized somewhat. The average price for a home dropped since the plan was implemented but that doesn’t mean that they don’t still carry value. There is also some indication that prices could rise. This means two things: firstly, there’s a window of opportunity for buyers. Secondly, patience is key for sellers.
To determine the strength of the market and the impact of the Fair Housing Plan, it’s prudent to use local data.
Ontario’s Fair Housing Plan
Ontario’s Fair Housing Plan was designed to bring affordable homes to Ontarians through a set of measures. Conceivably, this comprehensive package would increase supply, protect buyers and create a healthy market that would be less prone to spikes and dips.
The measures included:
- Actions to Address Demand for Housing
- Actions to Protect Renters
- Actions to Increase Housing Supply
- Actions to Protect Homebuyers
- Actions to increase Information Sharing
To date, only a handful of measures have been implemented and the results have been generally positive. In fact, signs point to the market being robust.
Neighbourhoods Offering Value
Despite the drop in average housing prices, many GTA neighbourhoods are experiencing an increase in value. Based on local data from the Toronto Real Estate Board, Milliken, Agincourt, Bathurst Manor and The Beaches have all experienced rising housing prices over the last few months.
A few regions have suffered a drop in value but they are some of the most expensive in the country like The Bridle Path and Hoggs Hollow. The value of these areas will rebound. They cater to the top of the economic tier and these homes are inherently valuable and typically bulletproof in the long-term.
The answers to any questions posed to the Ontario or GTA housing market is in local data. As the Fair Housing Plan executes more measure, the housing market will enjoy positives on the local level even if the provincial data tells a different story.
It’s difficult to look at housing market data from a provincial standpoint as every region grapples with its own variables. Buyers and sellers need to look at specific areas to better understand the current value and if there is potential for healthy investments.