Ontario Real Estate Reforms To Target 'Property Scalpers,' Sousa Hints

Sousa hints upcoming housing measures will target 'property scalpers'

Federal Finance Minister Bill Morneau, Ontario's Minister of Finance Charles Sousa and Mayor John Tory sat down for a much-anticipated meeting to discuss the housing crisis in Toronto this afternoon.

He also said at the time that "there wasn't any evidence that there was a huge problem... with respect to foreign buyers somehow artificially inflating the housing market in Toronto".

The lack of data is of particular concern, Tory said, because it's clear that there's some speculation going on in the market but lawmakers are "flying blind" when it comes to knowing the real picture. Royal LePage's latest House Price Survey released Wednesday shows home values for the region declined on a quarterly basis for the first time since 2013.

Ontario Finance Minister Charles Sousa has said he's concerned about speculators "playing the market" and therefore limiting supply.

"We think it will have an impact on reducing speculative behaviour because we're saying that we're serious", he said.

Mr. Morneau said the federal government will share its relevant data on housing markets with other levels of government.

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. But he vowed that all three levels of government will continue to coordinate their actions to try and come up with solutions that will restore some hope for residents who are desperately trying to stay in the city amid skyrocketing home prices and rent increases.

Prince William speaks with Lady Gaga on mental health
William also applauded grime musician Stormzy for talking about his battle with depression in the publication CALMzine . Gaga even accessorised with a mug of something that looked a lot like a good old British cuppa.

"We don't allow a person to buy five or 10, " he said.

Officials from Canada and its most populous province will meet on Tuesday to try to cool Toronto's hot housing market, under pressure from voters angry that speculators or foreigners are fueling a bubble in Canada's largest city.

"There's fairly widespread agreement that there's an element of speculation that's found its way in to this marketplace", said Tory, though he added that expert opinions differ on what is causing it and what should be done to address it.

Compared with a year ago, sales were up 6.6 per cent as gains in the Greater Toronto Area led the way.

The pace of year-over-year home price appreciation in Greater Vancouver has slowed down dramatically from the historic highs witnessed in 2016.

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.

Sousa said he will soon introduce measures aimed at cooling the GTA's housing market.

Related News:

  • Turkey's Nationalist Movement Party: We Fulfilled our Promise in Referendum

    Both Germany and France expressed concern about possible election irregularities and called on Erdogan to engage in dialogue with the opposition.
    Facebook CEO sees augmented reality's future in the camera

    Facebook CEO sees augmented reality's future in the camera

    The platform will enable you to create a cartoon-style avatar and interact with friends using the Facebook-owned Oculus headset. The Facebook founder also briefly addressed a tragedy that took place Monday, when a man posted video of a murder on Facebook .
    Costly Mar-a-lago trips show true Trump

    Costly Mar-a-lago trips show true Trump

    Air Force One alone costs almost $180,000 per hour of flight as of 2012, according to the Congressional Research Service . In December, Trump referenced the slayings in Brentwood during a profile for his Time magazine Person of the Year award.
  • Missile attack brings countries to brink of military clash, says Moscow

    Missile attack brings countries to brink of military clash, says Moscow

    McMaster said Russian leaders were supporting "a murderous regime" and their actions would dictate the future of U.S. The strike was the first time American forces targeted a Syrian government installation in the course of the war.
    Freebies for relief on Tax Day

    Freebies for relief on Tax Day

    Dunkin Donuts has "treat yo' self" Tax Day freebies and McDonalds has a variety of freebies for you depending on the location. Ask your server at participating locations about Chili's $6 Tax Day blueberry and pineapple margarita special.
    Wenger sets tough target to rescue Arsenal season

    Wenger sets tough target to rescue Arsenal season

    Boro performed creditably, but find themselves still six points adrift of safety with just six games remaining, and knowing time is running out fast.
  • Trump Administration Is Contradicting Itself On Regime Change In Syria

    Trump Administration Is Contradicting Itself On Regime Change In Syria

    The United States earlier on Thursday night launched 59 Tomahawk cruise missiles at the military airfield in Ash Sha'irat. US Secretary of State Rex Tillerson will visit Moscow as planned after the G7 meeting in Italy this week.
    The New Mercedes-Benz S-Class Sedan Debuts in Shanghai

    The New Mercedes-Benz S-Class Sedan Debuts in Shanghai

    Almost every Mercedes-Benz product line since has been influenced and improved by advancements first spearheaded by the S-Class. It's been a good few months for increasingly capable semi-autonomous driving systems, albeit only for those with deep pockets.
    Facebook is Bringing Extensions and Bot Discovery to Messenger

    Facebook is Bringing Extensions and Bot Discovery to Messenger

    Businesses are now able to generate multiple parametric QR codes for one bot , offering their customers more choice. As more and more brands compete for consumers' attention on Messenger, the platform could become fairly noisy.
  • Archaeologists find 1000 statues in tomb in Egypt's Luxor

    Archaeologists find 1000 statues in tomb in Egypt's Luxor

    Tourism in Egypt has suffered in the aftermath of the mass protests that toppled former president Hosni Mubarak in 2011. Archaeologists were able to enter the tomb "after removing nearly 450 meters of debris out of the open court", it added.
    Aqib Talib won't face National Football League  discipline for 2016 shooting, report says

    Aqib Talib won't face National Football League discipline for 2016 shooting, report says

    The shooting incident dating back to June of 2016 will not net a suspension for Aqib Talib. Talib is in the fourth year of a six-year contract that will pay him $11 million in 2017.
    Iran's president resisters to run in May elections

    Iran's president resisters to run in May elections

    Seen as a proxy for Ahmadinejad after the former president was told not to stand by the supreme leader. It was unclear how he arrived at that dollar figure.


Most liked

Snyder's-Lance Inc (NASDAQ:LNCE) & Plug Power Inc (NASDAQ:PLUG) News Recap
According to their observations and findings, the stock could provide a high EPS of $-0.04/share and a Low EPS of $-0.06/share. Gsa Capital Llp reported 5,755 shares. 143.12 million shares or 4.22% more from 137.32 million shares in 2016Q3 were reported.

Craig Shakespeare wants to see Leicester get back into Europe
Ronaldo scored five goals in the quarter-final tie as Real prevailed 6-3 on aggregate, having won the first game in Munich 2-1. They managed to get lots of people down the sides and the wings in order to get the ball in high; lots of crosses into Ulloa.

Bandai Namco Announces New Action RPG Code Vein
They can't share a clear answer for which hardware it is being made for, but they plan to release it on console. You'll be hunting the Lost, and draining any remaining blood using a piece of equipment called a Blood Veil .

This could be the end for Bill O'Reilly
The diminution of financial supporters for O'Reilly's show also seems to be having an impact on the format of the program itself. Meanwhile, on Tuesday's show, O'Reilly told viewers that he always take a little R&R around Easter time .

Space station supply ship at launch pad honors John Glenn
John Glenn, extending the research legacy for living and working in space", said USA space agency commentator George Diller. Orbital ATK Cygnus spacecraft will be launched on April 18, 2017, to resupply the International Space Station.

Churches host services for holiest day on the Christian calendar
She says their musical talents come from God. "All our beliefs are based on the resurrection, that Christ died and was risen". Stephy Nobles-Beans is the assistant pastor at the Church of Berachah at 25th Avenue and Grand Boulevard in Spokane.

Putin and Rouhani Condemn US Airstrikes in Syria in Phone Call
Iran and Russian Federation have been the key backers of Assad and refer to all Syrian opposition groups as "terrorists". Haley said that Trump's administration has "multiple priorities" and "getting Assad out is not the only priority".

U.S. officials say Russian inaction enabled Syria chemical attack
Haley, for example, questioned why Moscow rushed to Syria's defense so soon after the chemical weapons attack. She also said it was time to press on with diplomatic efforts to achieve a political solution to end the war.

State of emergency should start after midnight
The bombings occurred on Palm Sunday , the beginning of Holy Week, which culminates in Easter Sunday celebrations. Mather said: "Especially Palm Sunday , a day when many people gather, more than any other time in the year".

Canada, Mexico, and United States announce joint-bid for 2026 World Cup
Having pushed through his plan to expand the World Cup from 32 teams in January, Infantino is said to be supportive of joint bids. While Canada has never hosted the tournament, and hasn't participated in the World Cup since its lone appearance in 1986.

Provo teen Aaliyah Rose voted off 'The Voice' in live playoffs
For Cassidy's part, his take on "Don't Let the Sun Go Down on Me" by Elton John was good, but not on a separate plane like Blue's. Adam expressed his confidence Vanessa's ability to dominate the competition and her ability to make people stand up join along.

NC Cities Land NCAA Championship Games, None In Charlotte
HB 142 is not an HB2 repeal, and replaces one discriminatory, anti-transgender, bathroom bill with another. Greensboro will host women's basketball tournament games in 2019, and men's tournament games in 2020.

Trump order would target high skilled worker visa program
Citizenship and Immigration Services said it received 199,000 applications for the fiscal year that begins on October 1. Changing certain fundamental elements, like how many visas are awarded each year, requires action from Congress.

IKEA Might Open Standalone Restaurants And Cafés
Not convinced that people will pop into an Ikea restaurant when they're not stress-eating while trying to decide on a credenza? The booming Ikea Food department has been ramping up in all sorts of ways under managing director Michael La Cour.

US intercepts 2 Russian bombers near Alaska's coast
The last time occurred in July 2015 off the coast of California according to CNN . This wasn't the first direct Russian military provocation of the Trump era.