Proposed Provincial Real Estate Changes May Impact Windsor
Changes to housing regulation being proposed for the Greater Toronto Area will have some impact in Windsor as well.
The Wynne government is announcing it will impose a series of measures to cool down Toronto's superheated real estate market.
The province says it is bringing in a 15 % t foreign buyer tax, expanding rent control, allowing Toronto to impose a tax on vacant homes and using surplus lands for affordable housing.
Kim Gazo, President of the Windsor-Essex County Association of Realtors, told AM800 listeners on the Lynn Martin Show that Toronto is a different market.
But Gazo says Windsor's real estate scene has been hot and is getting hotter: "it has changed quite a bit in the last 6 months what you would have gotten for your house last year at this time is considerably more this year. Even when you look from the sales person's perspective, in pricing a property, we can be surprised on the amount it will get depending on a person's desire"
She says increased qualifications required for a mortgage are making it more challenging for first time buyers already and they're facing a reality check when they look at homes.
She says a Toronto trend that's starting to appear here is buying a house and renting it back to the seller for a while. She says that's mainly seniors who are downsizing, but aren't ready to move yet.
Gazo is not in favour of restricting foreign buyers too much.
She points out many foreign university students come here and their parents buy a home, when they graduate they often keep the house and continue to have a tie to Windsor.