Since nothing much came out of the federal budget that would cool the out-of-control housing market, Finance Minister Charles Sousa promised his government would step in and take measures to make housing affordable in his spring budget.
But no one should be holding their breaths. Little may come out of this given it may be too late to do anything significant, meaningful or long-lasting.
Sousa has not yet announced a date for the budget but is expected to happen in the next few weeks.
Housing will be major issue for political parties to deal with in the coming Ontario provincial elections. Candidates will no doubt be asked what they plan to do to tackle the issue of housing.
While slapping on a foreign buyer tax may hold the priceline somewhat, the affect would not bring down prices by much. What might is allowing more land currently protected to be developed. But this will incense environmentalists and others who will be upset by uncontrolled growth.
Containing urban sprawl, increasing density don’t seem to have helped increase the supply of housing. Drastic changes in city planning will have to be made and all this could take several election cycles. Meanwhile residents would be obliged to make do by couch surfing or leaving Toronto. – CINEWS