Mississauga is one of Toronto’s most in-demand and active suburban areas. There are a multitude factors that make it such a popular choice: it is a close drive to downtown, it is big enough to have many amenities, and home prices have many levels of affordability. First time home buyers looking to enter the Mississauga real estate market can anticipate to find a variety of choices, from condominium developments to single family homes. When deciding what type of property to purchase, buyers should consider many variables, from lifestyle to budget limitations. A new anti-smoking ordinance being proposed in Mississauga result in making it that much more complicated for homeowners to choose the perfect home.
Following a movement witnessed in other municipalities in Ontario, health officers in Mississauga are shifting towards banning smoking in all multifamily properties. Right now, smoking is banned in public places throughout the province, but is permitted in private homes. Nonsmokers who share condominium complexes with smokers have bemoaned of the smell of smoke coming through receptacles, walls and vents. Because of the dangers inherent in second hand smoke, officials are looking thoroughly at the problem, and are pushing for a municipal ban on smoking in all multi-family properties, not just housing that have been declared smoke-free by its landlords.
What does this mean for home buyers? A all out ban on smoking in multifamily properties could have consequences that would permeate throughout the real estate market. Before deciding whether to purchase a house or condominium, perspective home buyers need to take into account the ramifications of the proposed smoking ban on housing values. Smokers will certainly be more interested in stretching their money to purchase single family houses where they are able to smoke in their own homes. Because of this, it is expected that the price of single family homes will increase at a greater rate than that of attached homes simply because of inflated demand and limited supply. With houses being a more valuable and limited commodity real estate forces will surely push home values up at a rate greater than that experienced in condos and other multifamily homes. Available Mississauga homes for sale now will surely become a popular commodity if the smoking ban becomes law.
If a buyer is interested in purchasing a home in Mississauga, it should be noted that the proposed smoking ban is simply one single factor of the total real estate market as a whole. Above just considering whether or not a house is smoke free, purchasers need to review costs, maintenance, and lifestyle when selecting their dream home. Value is relative, a desirable condo may retain its value more than an poorly located single family house and of course, fees and taxes must be figured into monthly property ownership costs. Added with the changes in price that are surely to go along with any tabled smoking regulations, savvy buyers need to consider all the variations in their price range prior to deciding what the best home for their family might be. The normal thinking that a single family home is a smarter investment than a condominium may or may not hold true in the current Mississauga real estate market.
Gavin King is the Designated Broker of Realty In Idaho.
