More government intervention needed to cool Toronto’s hot housing prices, Scotiabank says

TORONTO — The head of Canadian banking at Scotiabank says further government intervention will be needed if Toronto house prices continue to soar after the spring homebuying season.
James O’Sullivan says the Toronto housing market is one that policy-makers should be most concerned about in the country.
O’Sullivan says Scotiabank hasn’t developed a position yet on what measures should be implemented, but if there’s government action, the bank will support it in the interests of avoiding a “hard landing.”
Politicians at various levels have been scrambling trying to figure out what to do to curb housing costs that have accelerated to the point where many say they feel priced out of the market.
Ontario Finance Minister Charles Sousa has promised some sort of housing affordability measures in the province’s upcoming budget.
The average price of homes sold in the Greater Toronto Area in February soared 27.7 per cent compared with the same month a year ago.

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