TapForMobile

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.

Related Articles

  • Honda Clarity First Look

    Honda Clarity First Look

    It has a combined output of 181 hp and 232 lb-ft of torque from an electric motor and a 1.5-liter four-cylinder gasoline engine . Honda is estimating a total driving range of over 530 km, with fuel economy anticipated to be 2.24 litres per 100 kilometres.
    Federal Judge Issues Order to Halt Arkansas Executions

    Federal Judge Issues Order to Halt Arkansas Executions

    Griffen's order was issued the same day he was reported to be among those demonstrating at a vigil related to the executions. That plan, if carried out, would have marked the most inmates executed by a state in such a short period since the U.S.
    Alexis Sanchez high on Manchester City's summer transfer list

    Alexis Sanchez high on Manchester City's summer transfer list

    Despite heading into the final year of his contract, the Gunners are reluctant to part with their star man and could demand £40 million for him.
  • Kendrick Lamar Releasing New Album 'Nation' On Sunday?

    Kendrick Lamar Releasing New Album 'Nation' On Sunday?

    DAMN . comes after his 14-track To Pimp A Butterfly, which won a Grammy Award for best album in 2015, and last year's surprise untitled unmastered.
    Teenager Dies After Being Attacked By Shark In WA

    Teenager Dies After Being Attacked By Shark In WA

    Police said the 17-year-old was in the water with her father near the town of Esperance when she was attacked on Monday afternoon. Her mother and two sisters reportedly watched in horror from the beach as the she was attacked by the shark.

    House race in heavily GOP Kansas surprisingly competitive

    Thompson portrayed Estes, the state's treasurer, as a close Brownback ally even though the governor never publicly endorsed Estes. This was just one special election, and upcoming special elections in Georgia and Montana will show if Kansas is part of a trend.
  • It's OVER, Jennifer Garner files for divorce from Ben Affleck

    It's OVER, Jennifer Garner files for divorce from Ben Affleck

    That's bad news for the Batman actor, as he made a lot more dough than his wife during their almost 10 year marriage. Ben Affleck is reportedly "dating someone" and "ready to move on" following his failed marriage to Jennifer Garner.

    Syriya chemical weapons attack was a 'war crime', says US

    Putin's military backing of Assad has been crucial in keeping the regime in power after six years of civil war. Even Assad's staunch ally, Russia, accepts that the deaths were caused by chemical weapons.

    NSA's powerful Windows hacking tools leaked online

    The problem, even if you run Windows 10, is that everybody from the corner store to your credit-card processor may not be. Reuters reports that SWIFT also claims there's no evidence its network has been accessed.
  • Is InfoWars' Alex Jones Actually a Performance Artist?

    Is InfoWars' Alex Jones Actually a Performance Artist?

    Here's an example, a video from March 28, of Jones titled, "Democrats Admit They Are Planning To Kill Trump". For now, Alex Jones's lawyer said what you hear from the InfoWars founder is not what he really believes.
    Shakespeare may turn to understudies at Palace

    Shakespeare may turn to understudies at Palace

    Leicester City manager Craig Shakespeare plays down concerns of a defensive injury crisis after seeing Yohan Benalouane taken off during the 2-2 draw with Crystal Palace. "We knew we were walking a tight rope".

    Jennifer Garner and Ben Affleck file divorce petitions

    News a year ago . "She is an wonderful mother and I'm really lucky to have her as a partner to co-parent these kids with. We're doing our very best and we're putting our kids first, and that's how we're focusing on our day-to-day lives.

Comments