Newspaper article The Canadian Press

Canada's Central Banker on Ontario Housing Move: 'I'm Happy'

Newspaper article The Canadian Press

Canada's Central Banker on Ontario Housing Move: 'I'm Happy'

Article excerpt

Bank governor: 'Happy' with Ontario housing move

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WASHINGTON - Measures to cool the housing market in the Greater Toronto Area have received a warm response from Canada's central banker, who said Saturday it should have some effect on runaway housing prices.

"I'm happy there are measures," Stephen Poloz, the governor of the Bank of Canada, told reporters during financial meetings in Washington. "It's a risk we've been highlighting," he said of skyrocketing housing prices in Toronto.

The Ontario government announced a series of measures after home prices surged one-third in a year to an average value above $1 million. The moves included a 15-per-cent tax on foreign buyers, similar to a tax in Vancouver, in Ontario's Greater Golden Horseshoe -- an area stretching from the Niagara Region to Peterborough. …

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