Exploring New Opportunities for Affordable Home Ownership

As more millennials look to become first-time homebuyers and boomers search for housing that better fits their needs, smart solutions are needed to ensure home affordability for years to come.

One idea being recommended by Ontario Realtors is more housing supply. To meet the needs of diverse families, it’s important to add more variety of homes to the market, such as townhouses, stacked flats and mid-rise buildings — and government can support these efforts.

“Over the past year, Ontario Realtors have been sounding the alarm on the lack of housing supply in the Greater Golden Horseshoe. It is imperative that governments work collaboratively with municipalities and developers in reducing the barriers that have impeded necessary growth in the housing market,” says Ettore Cardarelli, President of the Ontario Real Estate Association (OREA).

According to Ontario Realtors, increasing housing supply in the province is the best long-term solution to keep home ownership within reach for young buyers and future generations.

“OREA’s plan for increasing housing supply in Ontario includes speeding up building approval processes, encouraging building more ‘missing middle’ type homes and making sure infrastructure funding is targeted towards water, sewer, roads and transit to land already designated for development,” says Cardarelli.

Find more information at www.orea.com.

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Buying or Selling a home? Now is a good time for both.

Buying or selling a home? Now is a good time for bothThe second busiest season for buying and selling homes is upon us, but what is it about autumn that causes an upswing in real estate activity?

According to Patricia Verge, president of the Ontario Real Estate Association, a variety of factors may be responsible for the increase in sales. “Much like spring, fall offers a great climate in which to show your home. Also, many buyers are back from summer holidays and getting back to business.”

Some of the benefits for buying a home in the fall include:

• More choices – There is a wider selection of homes available during this period so that you can visit a wide variety of open houses.

• Good weather – Mild temperatures make moving much easier. Assessing the quality of a home’s exterior is less complicated when it’s not raining or snowing.

• Tax breaks – If you purchase a home before the New Year, you can claim deductions on your 2015 taxes.

Some of the benefits for selling a home in the fall include:

• Climate – Mild temperatures and beautiful fall colours create the perfect setting for showing a home.

• More time – Come fall, people tend to settle back into routines, allowing a better dedication for the home selling process.

• Serious buyers – Most buyers want to be moved in and settled into their new home before the holidays and winter hit, so any interest you receive will generally lead to action.

Even with the increase in activity at this time of year, there really is no wrong time to list your home. According to Verge, “If you price your home appropriately and make every effort to present it in a superior way, chances are you will sell your property in a timely manner regardless of the season.”

More information is available at www.wedothehomework.ca.

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