Creating a new supply of homes is the key to cooling down Toronto’s red hot real estate market not a foreign buyers tax as a measure to make housing price for local buyers.
Otherwise, as per Mr. Hudak, former Ontario Progressive Conservative leader said the OREA and the Ontario Home Builders’ Association would like to see the province get more actively involved in the issue.
“You can have housing prices be bid up so the next generation can’t afford a home, or you can increase housing supply to give more choices in the marketplace,” he said.
Year-over-year statistics show the average home price in the GTA jumped by 27.7%. The price of an average detached home in Toronto is now $1.5 million.