TORONTO – Ontario Premier Kathleen Wynne says her government will introduce a package of housing affordability measures “very soon” that she believes will have a swift impact on the hot Toronto-area housing market.
When asked if the package would include measures that may have a swift cooling effect on the market, such as a tax on foreign buyers or real estate speculators, Wynne says there’s a need for action that will have an impact “fairly quickly.”
The premier wouldn’t provide any details on the package, but says her Liberal government recognizes the complexity of the market and will be judicious in its approach.
Meanwhile, Ontario Progressive Conservative Leader Patrick Brown is calling for longer-term measures to address housing supply shortage.
Brown has asked the government to establish a panel of experts to develop housing market measures.
The average selling price for all properties in the Greater Toronto Area in March was $916,567 — a 33-per-cent jump from the same month last year.