ONTARIO GOVERNMENT TO DEAL WITH HOUSING AFFORDABILITY

Mar 27, 2017

By Michael Kramer

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Ontario’s Finance Minister says the upcoming spring budget will include a package of measures dealing with housing affordability.

Charles Sousa has promised measures to help curb rising home prices in some markets – particularly in the Greater Toronto and Hamilton Area.

Speculative investing in the real estate market – through buying a house hoping to turn a profit – instead of living it  – is thought to be one of the culprits behind escalating house prices.

Sousa has said curbing speculative real estate purchases could help address dwindling housing affordability – so that first timers can get into the market.

He also cited foreign buyers and people moving to Ontario from other jurisdictions –  as potential contributing factors to the housing shortage.

The budget is expected in the coming weeks.

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