Jun 17, 2016
By Michael Kramer
Justin Trudeau says his government’s concerned about the cost of housing in Toronto and Vancouver – but wants to be certain that any action it takes – doesn’t make the problem worse.
In Vancouver, the Prime Minister said any solutions will require collaboration among all levels of government – as well as stakeholders – and academics.
Trudeau said overseas money is playing a role in fueling overheated markets such as Vancouver – where the average price of a single-family detached home has risen to $1.5 million.
And the Prime Minister said officials are examining Australia’s decision – to tax homes owned by foreigners – but he warns that any federal moves to curb offshore ownership in Vancouver or Toronto have the potential to harm other Canadian regions – where overseas investment can be beneficial.