TORONTO — Federal and Ontario finance ministers say that while they are concerned about diminishing housing affordability in Toronto, they will not introduce measures for homebuyers that could impact house prices in the city by boosting demand.
Federal Minister Bill Morneau says Ottawa will help the province in a number of ways, including housing data collection and analysis, enforcement of tax compliance through Canada Revenue Agency, and anti-money laundering rules.
His Ontario counterpart, Charles Sousa, says the provincial budget that he will table next week will include a package of measures aimed at improving house affordability in the Greater Toronto Area.
Sousa says the province needs a “Made in Ontario” solution to the housing crisis and it needs it now.
Toronto Mayor John Tory says there’s a growing divide in the city between people who can afford to live and work here and those who can’t, but he points out that there’s no silver bullet to the problem.
The three politicians made the comments after a special meeting to discuss the housing situation.
The Ontario government has been facing growing pressure to take action on soaring real estate prices in Canada’s most populous city and its surrounding areas.
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