Canada, Ontario discuss options on Toronto housing, no action yet

Premier Kathleen Wynne hosted a funding announcement and town hall at Algonquin College on Tuesday

Premier Kathleen Wynne hosted a funding announcement and town hall at Algonquin College on Tuesday

We will be sharing relevant data more regularly between governments to enhance understanding of the Ontario housing market and to help inform analysis of current and future measures created to provide market stability. Possible steps include taxing homes left empty for speculative purposes, Tory said.

The federal and Ontario finance ministers and the mayor of Toronto met in the city to discuss how to tackle the housing market in the region, where the average price of detached houses rose to $1.21 million last month, up 33.4 per cent from a year ago. "That means those who are trying to take advantage of capital gains exemptions, shouldn't be".

"Ontarians can't afford to wait, we need to act now", Sousa said, adding, "Stay tuned". The big realtor also suggests that the effect of the tax on foreign buyers in Vancouver is wearing off. Homes there continued to increase in value in the past month by close to 50 per cent on a month-over-month basis.

While Vancouver's once-boiling market has cooled since a 15 percent foreign buyers tax was imposed in August, Toronto has continued to boil and the heat has spilled over into neighboring cities in southern Ontario.

"It will be a "made-in-Ontario" solution recognizing all of the work and information that we've obtained in the last number of months", he said.

"We've been saying all along that (government officials) are treating the symptoms and not the disease", said Currie. Calling them nasty names may not help.

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The Canadian Real Estate Association said Tuesday home sales over its Multiple Listings Service system increased by 1.1 per cent in March to top the previous monthly record set in April 2016.

"He will be advocating for a cautious approach and wants to make sure that any government response to the housing market is both responsible and effective", Don Peat, Tory's director of communications, tells BuzzBuzzNews in an emailed statement.

The province will also require buyers to reveal whether they or their family members intend to live in a home as their principal residence, and whether the property will be leased out in whole or in part.

The new form homebuyers or their lawyers will have to fill out won't be available until Saturday, but it will be mandatory by Monday.

"In the coming week, the Ontario government will announce a suite of measures created to increase supply and address demand", Sousa told a news conference in a tree-lined Toronto neighbourhood.