Trudeau says there are pressures on real estate market that must be alleviated
The Prime Minister of Canada Justin Trudeau attends a news conference with German Chancellor Angela Merkel after talks at the chancellery in Berlin, Friday, Feb. 17, 2017. (AP Photo/Markus Schreiber)
The Canadian Press
Published Thursday, April 20, 2017 12:32PM EDT
TORONTO -- Prime Minister Justin Trudeau says there are pressures on the real estate market that need to be alleviated.
In an interview with Bloomberg News, Trudeau said there has been a dearth of data on what has been driving soaring real estate prices in markets such as Vancouver and Toronto, where concerns about a possible bubble have mounted.
Trudeau said while the federal government has faced calls to intervene, there's a recognition that its measures would affect the entire country and not all markets face the same challenges.
His comments came as the Ontario government unveiled a suite of measures 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.