Ontario’s “Fair Housing Plan” Announcement Impacts Market?

Posted on Posted in Burlington, Market Activity, Oakville, Property For Sale, Waterdown

25 April 2017 – update. In the chart above it looks like the market is picking up by Monday’s total sales.  The data for Tuesday is not yet complete as this was extracted at 2 on today.

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With the recent announcement of Ontario’s Fair Housing Plan, many people, in and outside of the industry are wondering how this is impacting the market.  While it’s still too early to tell what the long term effect is, a quick first glance seems to suggest that in a strong spring market, this has made many buyers pause, while they try to understand what this means to them.

The chart below is from a count of property sales in Halton Region for the local real estate boards for just the month of April.  The blue boxes show sales on weekends, and the red box shows the day the Fair Housing Plan was released to the public by the Ontario Provincial Government.

At first glance, this appears that many buyers waited to see what the plan would be, and are still trying to digest what impact this will have to them, what it may do to the market and if it will affect pricing.

Want to know more about this?  Contact me, I would be happy to discuss what this means to you.

 

 

 

To see detail from the Province on the Fair Housing Plan, please click here.

So how does this compare to the year so far?  Here’s a plot of home sales per day, from the very beginning of 2017.  As you can see, there is a drop on weekends, which makes it easy to spot each week in the plot.  This is likely more a function of access to entry in to the system as many REALTOR®s do not have direct access to edit/update their listings on the boards. (Some of us have what’s called “Broker Load” capability, so we can update almost real time.)

You can certainly see the Spring Market happen in this plot, as well as the impact the announcement made last week.