No housing measures that could boost demand: Morneau

It's expected rent hikes on newer buildings would be limited to about 1.5 per cent above the inflation rate, which sat at 2 per cent in February.

Prices in the Greater Toronto Area climbed 29 per cent in March compared to a year earlier, while Vancouver prices were up 18 per cent and Victoria saw a 19-per-cent increase.

Sousa has also mused about a tax on foreign buyers or vacant homes, as well as looking at ways to speed up more supply becoming available.

"We've developed a comprehensive action plan to help stabilize the housing market, informed today by my colleagues".

Minister Sousa made the announcement during a speech to the Empire Club of Canada in Toronto, and provided an update on Ontario's economic growth. "That could trigger what Premier Kathleen Wynne called 'unintended consequences'". "In the coming days, we will announce a suite of measures created to increase supply and address demand, making housing more affordable for people across Ontario".

For weeks, the accelerating pace of real estate prices in Canada's largest city has alarmed and perplexed policy-makers. "Buying and renovating and providing more rental stock to the marketplace is a good thing".

With the current media coverage of increasing housing prices in the Greater Toronto and Hamilton Area, the answer to some of these issues could lie in rural Ontario, according to Currie.

"Short-term, we've agreed to refrain from introducing new measures for buyers which would impact housing prices in the GTA by boosting demand", Morneau said.

"I think we're all acting, but we're doing it with a sense of caution", he said.

Tory, who has been pushing the federal and provincial government for more funding of affordable housing units, stressed that "the situation didn't happen overnight and it won't be fixed overnight".

"This kind of a policy is created to make it look like the government is trying to do something to cool the market when in fact they are really doing nothing", he said.

"The real estate industry has to have a look at itself - perhaps encouraged by their provincial regulator - and they don't even reject the notion that some of the practices that have ended up evolving over time in terms of how people buy houses may be contributing to the frothiness of this market".

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.

The province will unveil a package of measures created to address both supply and demand issues that have driven house prices up by 33 per cent in a year.

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