Trudeau says there are pressures on real estate that need to be alleviated

Real estate pressures need to be alleviated: PM

TORONTO — Prime Minister Justin Trudeau says there are pressures on the real estate market that need to be alleviated.

In an interview with Bloomberg News, Trudeau said there has been a dearth of data on what has been driving soaring real estate prices in markets such as Vancouver and Toronto, where concerns about a possible bubble have mounted.

Trudeau said while the federal government has faced calls to intervene, there’s a recognition that its measures would affect the entire country and not all markets face the same challenges.

His comments came as the Ontario government unveiled a suite of measures intended to stabilize home prices in the Greater Toronto Area, which have leapt by more than 30 per cent in the last year.

The measures include a 15 per cent foreign buyers’ tax, expansion of rent controls and granting Toronto the ability to impose a tax on vacant homes.

The Canadian Press