Federal Finance Minister Bill Moreau announced that there will be a group designated to monitoring the current state of the housing market. This group is comprised of members from the federal government, the Ontario government, the government of British Columbia, and the municipal governments of Toronto and Vancouver.
“It’s important to understand that while the federal government has some levers it can pull, we don’t have all of them,” said Morneau. “The issues surrounding home ownership are a shared responsibility, with provincial governments and municipalities having the ability to act locally. By collaborating even more closely with our provincial and municipal partners, we will ensure a coordinated approach, and make use of the best available evidence to arrive at the right conclusions.”
This comes after increased attention by Ottawa on the affordability of homes in Toronto and Vancouver real estate, as well the stability of these markets and other factors like foreign investment.
The cost of housing has jumped significantly in major centres in recent years. In Toronto, the average home price is 31% higher than just four years ago in 2012. In order to avoid events that could dramatically affect homeowners, the federal government, with the help of other levels of government, will now be keeping a closer eye on the situation.
Morneau added that “the Government of Canada will continue to evaluate whether further steps can be taken to protect borrowers and lenders to help maintain a stable and secure housing market for Canadians.”
Flickr: Tony Webster
