Newspaper article The Canadian Press

Trudeau Says There Are Pressures on Real Estate That Need to Be Alleviated

Newspaper article The Canadian Press

Trudeau Says There Are Pressures on Real Estate That Need to Be Alleviated

Article excerpt

Real estate pressures need to be alleviated: PM

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TORONTO - There are pressures on the real estate market that need to be alleviated, but Ottawa must exercise caution because any measures it implements have a national effect, Prime Minister Justin Trudeau said Thursday.

"There's a recognition that the levers that the federal government has cover the entire country and the housing market in Vancouver or Toronto is somewhat different than that in Halifax or Saskatoon or even Montreal," Trudeau said in an interview with Bloomberg News.

His comments came as the Ontario government unveiled a suite of changes intended to stabilize home prices in the Greater Toronto Area, which have leapt by more than 30 per cent in the last year. The measures include a 15 per cent foreign buyers' tax, expansion of rent controls and granting Toronto the ability to impose a tax on vacant homes. …

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