No measures that could boost demand for housing in Toronto: Morneau
TORONTO — Three levels of government facing a red-hot housing market in the Greater Toronto Area have agreed Tuesday not to introduce any measures that would further boost demand and drive prices even higher.
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.
Ontario Finance Minister Charles Sousa signalled that he will unveil his housing plan before the provincial budget, set to be delivered on April 27.
“In the coming week, the Ontario government will announce a suite of measures designed to increase supply and address demand,” he said. “We’ve developed a comprehensive action plan to help stabilize the housing market.”