Canada’s residential real estate market has long attracted foreign interest, thanks to its reputation for economic stability, strong property values, and international desirability.

In key Canadian cities, the housing inventory may reach a crisis stage, according to a recent analysis from RE/MAX Canada. The analysis confirms that governments must take quick action to address the critically low supply of available homes.

Two weeks after the provincial administration submitted Bill 109, the More Homes for Everyone Act, 2022, on March 30, 2022, it obtained royal assent on April 14. The last step needed for a legislative measure to become law is royal assent.

Although the spike in real estate prices may be scary, covid hasn’t seemed to have spooked buyers or sellers. According to the Canadian Real Estate Association (CREA), “National home sales rose 6.6% on a month-over-month basis in February.”

In September 1991, the Canadian federal government proposed that the Canadian Charter of Rights and Freedoms guarantee property rights to Canadian citizens.

Purchasing a property is an exciting and major life event/long-term investment. When making a purchase as big and as life-changing as a property purchase, it is critical to do so in the appropriate manner.

With Ontario’s booming real estate market, reputable lawyers acquire valuable knowledge and expertise in ensuring a successful and efficient transaction process.