Mar 13, 2017
By Christine Ross
Ontario Finance Minister Charles Sousa is meeting with Mayor John Tory Monday and rising house prices will most definitely be on the agenda. The Mayor will be be outlining the city’s needs in advance of the provincial budget. Last month, Tory listed 5 demands including a call for more investment from the province for infrastructure and social housing. Tory doesn’t believe Sousa’s claim that foreign buyers are driving up the cost of real estate in the G-T-A. Last week, Sousa said he would consider a tax on foreign buyers but is now clarifying those comments by saying affordability and low supply are also driving up the cost. The average price of a home sold in the G.T.A last month rose nearly 28 percent over February of last year. The average price of a detached home in Toronto is now more than 1.5-million dollars, fueling worries of a housing bubble.