New Alberta government could introduce rent controls
The premier-elect of Alberta could introduce rent controls across the province. The Financial Post reports that yesterday’s win for the New Democrats could lead to Rachel Notley implementing controls having previously stating her support for the measure. It cites a Calgary Herald report in October last year quoting Ms. Notley when she criticized Jim Prentice for leaving the market to regulate rents and suggested that rent control would be a solution. The NDP has not confirmed that rent controls would be a priority for the new government but reports suggest that there would be strong opposition from the industry.
Report: new condo activity has moderated in Toronto
There was a 58 per cent decline in new Toronto condo developments during the first quarter of this year according to a new report. Urbanation says that the drop will be temporary but that it has created a sellers’ market in parts of the city. There were sales of 4,432 condos in the first three months of this year, down 10 per cent from the same period last year. The study reveals that there is demand for condos in the GTA but there has been a slowdown in supply. Developers delayed land purchases in 2013 due to a sharp drop in sales and the time from acquisition of land to condos being sold can be a few years so it could be a while before supply catches up.
Sales rise in Ontario markets
Realtors in Kitchener-Waterloo and Windsor-Essex are reporting increased sales. MLS sales in Kitchener-Waterloo were 11.4 per cent higher in April this year compared to a year earlier with 539 properties sold. That’s 7.8 per cent above the 5-year average for the month. “The spring market is definitely in full swing here in Waterloo Region,” says Mark Wolle, President of Kitchener-Waterloo Association of Realtors “We’re seeing sales activity that is fairly steady and consistent comparing to 5-year trends which speaks to the stability of the market here in Kitchener-Waterloo.” The average sale price of $346,702 is a 4.6 per cent increase from a year earlier.
Meanwhile in Windsor-Essex sales in April were up 25.7 per cent on the previous year according to agents. There were 582 sales at an average sale price of $199,586 with buyer sentiment boosted by a strong jobs market including investment in the Chrysler factory in Windsor.