The Ontario real estate sector has been hit hard by the Brexit vote, and the real estate lobby is looking to take advantage of the situation by pushing for government action on Brexit.
“The real estate industry has been battered by Brexit,” said Jim Bockenwanger, president of the Ontario Real Estate Association.
“And it’s going to be harder to recover for us when it’s really clear that Brexit will make the real-estate industry much more expensive.”
Bockenspan added that while the government has the right to protect its citizens, “it’s not enough to protect our industry.”
The Ontario Real Property Council, which represents about 50,000 members in the province, is currently lobbying the government to take steps to rein in the prices of the most popular properties, such as condo units.
“It’s an issue that the government should have to take seriously and act on,” said Bockengl.
“We’ve had a very, very hard time in the real economy and we need to make sure that the real house-buying public is protected.”
Ontario realtor Mark Dennison agrees.
He pointed out that if the government takes any action at all on Brexit, it will only help increase the cost of living for Ontarians.
“If you look at the realtor industry, the real costs have skyrocketed.
You have people going into rehab because they’re in debt.
The government needs to act on it,” he said.
“There is a lot of pent-up demand for housing in Ontario and I think that’s what the government needs.”
The Real Estate Institute of Ontario, which has called on the government for more action, has also urged the government not to rush to act, noting that the “real estate bubble is bursting.”
“The government should do more than simply talk about what the impact will be on the housing market, because it’s already impacting many Ontarians,” said John Clements, the institute’s president.
It’s a very important problem.” “
For example, a lot people are getting priced-out of their houses because they don’t have the ability to rent or sell their homes.
It’s a very important problem.”
The institute believes that if Ontarians want to see the real cost of housing continue to plummet, they should vote in the 2019 election.
“I think the government ought to act,” Clements said.
If you’re wondering what to do if you live in Ontario, the government is currently looking for you.
Contact the reporter at [email protected]