Today, Charles Sousa, Minister of Finance, issued a statement following a meeting on housing with Federal Minister of Finance Bill Morneau and Mayor of Toronto John Tory:
“A strong housing market reflects Ontario’s strong economy. Canadians are moving to Ontario at the fastest rate in 29 years, and the Greater Golden Horseshoe (GGH) continues to be one of the most attractive places in the country for newcomers. While this is good news, our government has become increasingly concerned about rapidly rising rents and housing prices, and their impact on the many people looking to find a home.
Today, I met with Bill Morneau, Federal Minister of Finance, and John Tory, Mayor of Toronto, to discuss new ways to collaborate to address rising housing and rent costs, and share information across jurisdictions. Our meeting was productive and included discussions about how speculative activities may be driving up housing costs, and resulting in homes being left vacant, constraining supply.
We have committed to meet quarterly to collectively discuss how we can address the challenges of housing affordability, managing expectations, and the impact of market speculation in the GGH. Our government will also continue to meet with the GGH’s municipal leaders to determine ways to collectively respond.
We will be sharing relevant data more regularly between governments to enhance understanding of the Ontario housing market and to help inform analysis of current and future measures designed to provide market stability. I am also pleased that the Canada Revenue Agency will be dedicating resources to support the enforcement of tax compliance within the GGH’s real estate sector. This will contribute to our strengthened enforcement efforts.
While ongoing collaboration with the federal government and City of Toronto is key to improving housing affordability for renters and those looking to purchase a home over the long term, our government is also aware that a response is needed now to address recent dramatic increases in rents and home prices. In the coming days, we will announce a suite of measures designed to increase supply and address demand, making housing more affordable for people across Ontario.”
Photo from: www.cityrenovations.com