In early December of last year, the Ford Government introduced a proposed law titled the Restoring Ontario’s Competitiveness Act. The bill is a comprehensive piece of legislation that alters several existing laws and introduces new ones – referred to as an omnibus bill.
Bill 66 is receiving increased attention lately given some of its controversial provisions.
Open For Business Zoning
Critics Fear Environmental Impact And Out Of Control Development If Bill 66 Is Passed
For Tembo’s final blog of 2018, we want to leave you with some interesting GTA statistics. All of our predictions for 2019 were outlined in our final newsletter – many of which are beginning to look on point given big falls in the markets marking the end of 2018.
Stress Tests Have Kicked In
Pensions Are Pumping Up Real Estate Holdings
Global Markets Are Falling Fast
Toronto Home Prices Up In November
Positive numbers marked the overall situation for GTA real estate. Both the detached and semi-detached home and condo markets saw positive figures. Condo prices rose 7.5% and semi-detached home prices were up 6.6%. The average selling price for a home rose past the $700K range where it has languished for roughly to hit $810K, This was the first significant increase in prices in over 3 months.
The Fed eases off on its tightening
Yesterday, the Ontario Court of Appeal ruled that Bill 5, the Legislation passed by Premier Doug Ford’s government to reduce the size of City Council from a planned 47 seats to 25 is the law of the land.
So What Impact Does Bill 5 Have On The Toronto Council?
The 1950s Real Estate Boom
The 1980s Toronto Real Estate Crash
Toronto’s condo boom continues unabated, the number of construction projects and the lineup of cranes over the skyline continues to grow and impress. In this blog post, Tembo will outline some of the key condo projects that are notable this year.
The 2018 Toronto Mayoral election is fully on with the entry of Jennifer Keesmaat into the race.
Keesmaat’s “City Building Vision” Agenda
Keesmaat Pledges More Affordable Housing
Sales had their best month in over 14 years as growth hit 18% from June 2017 figures.
Sellers Are Feeling The Pinch
Toronto Condo Market Continues To Soar
Doug Ford’s Progressive Conservative Party won a decisive majority government last week
Doug Ford Hands Liberal Party It’s Worst Loss In Years
Doug Ford’s Progressive Conservative Party won a decisive majority government last week, winning 76 out of 124 seats in the Legislature and ending 15 years of Liberal rule. Kathleen Wynne’s governing party lost 48 seats and official party status in the Legislature. It was the worst loss for a governing party in Ontario history and the first time the Liberals ever lost official party status. The last time the Government of Ontario changed was in 2003, Doug Ford’s win is the fifth time this has happened since the end of WW2. With the election over, the challenge of governing will now fall to Premier Ford and those close to him. This blog will analyze the effects of a PC majority government on real estate.
Market, Not Public Forces, Will Prevail
The PCs did not release a fully costed platform with significant detail but consistently voiced a preference to letting the free market sort out housing shortages and real estate matters. Unlike the Liberals and the NDP, the PCs did not show much interest in investing considerable public money into building affordable housing units.
The PC platform states that a PC government will maintain the rent control provisions the Liberal government has introduced. The PCs also mention stimulating the market to increase the supply of affordable housing across the GTA. The Greenbelt is also to be preserved in its entirety.
The PCs are likely to reduce regulation and red tape, simplify permitting for housing construction for developers, and promote both urban densification and suburban sprawl. Taxes on business and developers and trades will fall. Developers and construction companies have generally amicable relations with the PCs and Liberal parties. Former Ontario PC leader Tim Hudak is now the President and CEO of the OREA, the Ontario Real Estate Association.
Throughout the campaign, Doug Ford voiced his desire to scrap the foreign buyer tax and not to introduce a broad Speculation Tax the NDP outlined in their agenda. The new Premier and Government will face many challenges, but the demand for housing and high prices will likely see them introduce a comprehensive agenda to spur market forces.