Mar 27, 2017
By Michael Kramer
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.