HASH(0xbf073c)

More government intervention may be needed to cool Toronto house prices: Scotiabank

Scotiabank sounds warning on Toronto real estate

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 (TSX:BNS) 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.

ai???

The Canadian Press

Just Posted

Education minister blasts Chilliwack school trustee on gender issues

Fleming calls Neufeld’s behaviour ‘shameful’ and ‘unacceptable’

Chilliwack firefighters issue warning over heat lamp use after barn fire

Being used to keep piglets warm; extinguished by homeowners

Chilliwack slugger signs with Sacramento State Hornets

Chilliwack Minor Baseball grad Dylan Ohlsen is taking his big bat to the NCAA ranks

Unity Christian wins Fraser Valley volleyball title

Kirsten Kampman helped the Flames make history with a straight-sets win over White Rock Christian.

Hospice holding community memorial celebration

Annual celebration in Chilliwack a chance to grieve, accept loss

VIDEO: Chilliwack’s first independent film festival

Films from around B.C. and the world were screened in Chilliwack at the inaugural festival.

VIDEO: ‘She is a tough cookie,’ says husband of found Coquitlam dog walker

Annette Poitras found alive in the woods on Wednesday morning

BC Transit buses to get safety door for drivers

These new full-length doors will be tested in Victoria, Kelowna and Abbotsford

Lower Mainland teen seeks funding for $750,000 drug Soliris

Paul Chung is hopeful that, like Shantee Anaquod, he will be approved for costly aHUS treatment

‘Fresh eyes’ looking into three missing Cowichan Tribes men

First Nations want answers to their disappearances

Pedestrian hit moments after receiving safety reflector from police

The Vancouver Island man was treated for minor injuries by police at the scene

FortisBC LNG site exports first shipment of gas to China

The shipment is part of a pilot project that could see more exports in the future.

BC RCMP hunt for white SUV that rammed cruiser

Kamloops RCMP are looking for a white SUV headed north on the Yellowhead Highway

B.C. to reimburse methadone patients for taking clinic fees off welfare cheques

Provincial government agrees to pay back more than $5.5 million in deducted fees

Most Read