Ontario Finance Minister Charles Sousa in response to questions raised about the spring budget said the upcoming spring budget will encompass measures to help curb the Canadian real estate marker especially in the Greater Toronto Area and Hamilton. The new step is something the Liberal government had promised to keep.
Home prices in Toronto have grown to unbelievable levels which have even outpaced Vancouver, which was Canada’s hottest real estate market.
There have been countless efforts to pin point the real reason behind the price hikes but in the most of various factors, it has become difficult to determine at what angle solutions should stem from.
But for many, market speculators in the real estate market making projections that has led many buyers to panic into demanding more for homes in case of further price increases.
Furthermore, buyers are purchasing homes for investment purposes rather than residing in them.
For first-time buyers to be able to take part in the real estate market, measures should be put in place to cut on real estate speculations which will in turn bring down home prices.
In regards to the lack of supply in the province, Sousa attributes this to a higher demand of homes by foreign investors from other provinces. Foreign buyers have been moving to other provinces after the B.C government levied a 15% tax on foreign to curb home prices in the city and the Great Toronto real estate market was a great interest amongst foreign investors.
The date for the budget release is still unknown but it is hopeful that it will be in few weeks.