As speculated last month, the Ontario Fair Housing Plan Legislation has had some unintended effects in Toronto and Ontario more broadly. This plan introduced by Kathleen Wynne’s Liberals this year were meant to cool Toronto’s housing market and create more affordable housing for Ontario rentals.
With the increase in the interest rates, new mortgage regulations and caution from lenders and regulatory boards: the housing market has priced out many new buyers. While, the plan was meant to penalize foreign nationals and non-residents from parking their money in Toronto and the GTA in real estate, they have served to make it more difficult for residents to purchase.
As you know, condo prices in Toronto are at record highs. With already exorbitantly high taxes and stipulations on mortgages, demographics that once were entering the property ladder.