Federal finance minister, Ontario counterpart, Toronto mayor talk housing today

19 April, 2017, 09:35 | Author: Lorraine Moran
  • Premier Kathleen Wynne hosted a funding announcement at Algonquin College on Tuesday. Chris Donovan  Ottawa Citizen

Sousa said he will soon introduce measures aimed at cooling the GTA's housing market. Àfterwards, Mr. Lu was asked in a scrum about the possibility of a foreign buyers tax and said only that there were also property bubbles in China due to development before his handlers quickly ushered him away. Calling them nasty names may not help. The federal finance minister noted there are no imminent plans regarding Ontario's request to close a loophole on capital gains exemptions.

A similar practice - called "shadow flipping" - became increasingly common in Vancouver.

Last year, the Clark government in B.C. put in place new rules that require real estate agents to draft offers that require the seller's consent to a contract transfer, and any resulting profit to be returned to the seller.

"What's worse is young families who are actually trying to get into the queue, into the lineup to buy that first home, are getting crowded out", he said.

Tory said he has committed to streamlining and speeding up building approvals, in particular for new affordable rental housing and he is also looking at a vacant homes tax.

Premier Kathleen Wynne's Liberals are widely expected to reveal housing policy measures when Sousa issues his budget on April 27.

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A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017.

The two finance ministers and Toronto Mayor John Tory will meet on Tuesday to discuss house affordability in the region.

Sousa said Ontario policy makers will unveil a "suite of measures" in coming days in an effort to boost housing supply and address price gains in Toronto and the broader region. "We're certainly, in our organization, not seeing a lot of evidence of that". The index prices for Greater Vancouver and Greater Toronto stood at C$919,300 (US$687,636) and C$772,500 (US$577,830), rising 13% and 29% year-over-year, respectively. "Right now, we have no records on whether people from outside the country are buying property in Toronto", Tory said on Breakfast Television. A balanced budget and strong economic growth allow us to continue making important investments in the services and supports that people rely on, including health care and education.

"Listen, investing in real estate is okay".

Toronto prices rose 33 percent in March from a year earlier and the average price of a detached home surpassed C$1.2 million ($903,000) last month, sparking warnings from Bank of Canada Governor Stephen Poloz last week that speculation is likely at play.

Home prices in the Toronto area climbed 6.2 percent in March, the biggest one-month gain on record, according to a benchmark price index released Tuesday by the Canadian Real Estate Association, and are up nearly 30 percent over the past 12 months.

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