Smoking Ban Could Affect The Value Of Milton Homes
One of the fastest growing segment of the Greater Toronto Area real estate can be found in Milton. Its affordability, proximity to downtown and continuing expansion make this a great area to invest in. First time home buyers looking for Milton homes for sale can choose from condominiums, resale homes and new constructions.
Various factor can affect which type of property an invidiual will buy and these range from lifestyle to budget. A new factor will soon be added to the list for buyers interested in the Peel Region. A new anti-smoking by-law has been proposed by the Peel Region may affect how buyers choose their next property.
Health officials in the Peel Region are proposing a ban on smoking in multi-family dwellings and these would include condo buildings. Non-smoking residents have complained about the smoke from adjoining units seeping into their condo through the vents. Because of the health issues associated with second hand smoke, health officials are pressing the Region to impose a ban on smoking in multi-unit dewellings.
How does this translate in the real estate market? Real estate professionals are prediction that such a ban would have a ripple effect in the region’s real estate market. Condominiums may become less appealing to buyers, particularly first-time buyers. This could mean a shift towards single family homes. As a result, the price of condominiums may flatten if not drop while the price of detached homes could increase. With more buyers competing for a limited supply of detached single family homes, this could seriously throw off the balance in the real estate market.
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