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Canada's New-House Prices Jump 0.4% in Feb

Canada's New-House Prices Jump 0.4% in Feb

Sousa has also mused about a tax on foreign buyers or vacant homes, as well as looking at ways to speed up more supply becoming available.

While no immediate action is expected from the gathering of Sousa and Toronto Mayor John Tory, the first concerted effort to Finance Minister Bill Morneau, Ontario Finance Minister Charles rein in Toronto house prices, all three are pushing for policy options to cool prices without crashing the market.

The intention of the package is to "give everyone some breathing space" in a frenzied market, Premier Kathleen Wynne said Wednesday.

Josh Gordon, an assistant professor at Simon Fraser University who studies the housing markets in Ontario and British Columbia, said one way to tax "non-resident speculation" would be to levy a foreign buyers tax but refund or offset it according to income tax paid in the province.

While rent control would help keep costs down, "the challenge is that we have a housing shortage in this city", Phil Soper, chief executive officer of Royal LePage, a unit of Brookfield Real Estate Services Inc., said by telephone Wednesday.

Ontario Finance Minister Charles Sousa said last month that he's considering a British Columbia-style foreign buyer's tax - which he had ruled out a year ago. "That means those who are trying to take advantage of capital gains exemptions, shouldn't be".

That way, foreigners coming to Ontario in order to work aren't penalized, he said.

"We've been saying all along that (government officials) are treating the symptoms and not the disease", said Currie.

The form will be incorporated with documents that govern the payment of land-transfer taxes, which is a tax everyone in the province who isn't a first-time buyer must pay when any property changes hands.

The Canadian Real Estate Association said Tuesday home sales over its Multiple Listings Service system increased by 1.1 per cent in March to top the previous monthly record set in April 2016. "Making sure that what we do is effective and responsible and I think that's what people would expect of us".

As of Monday, the province will require homebuyers to provide information about who they are, and how they intend to use the property, according to a new post on a provincial government webpage. "In the coming days, we will announce a suite of measures created to increase supply and address demand, making housing more affordable for people across Ontario".

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