Federal, provincial and municipal leaders met to discuss Toronto housing situation on Tuesday, but concrete measures to cool the booming market will likely have to wait until the Ontario budget is delivered later this month.Federal Finance Minister Bill Morneau, his provincial counterpart Charles Sousa and Toronto Mayor John Tory said they will work on sharing more data and to ensure compliance with existing tax rules as part of their effort to dampen the Greater Toronto Area market, which saw March home prices jump 33 per cent from a year ago.The trio also agreed to make it easier for new affordable housing projects to be streamlined through the planning process and said they would begin meeting quarterly to discuss the overheated market.Home prices in ‘drum tight’ Toronto surge by most on record amid rising bubble fearsFive reasons Canadians should not fear a housing market correction and might even cheer itBut any firm action will likely have to wait until the next provincial budget from Sousa on April, 27.know one of our most critical responsibilities is to ensure a healthy, competitive and stable housing market, said Morneau.spoke today about the importance for all of us at all levels of government to collaborate to ensure we consider the issue of housing and we consider how we can work together to create and ensure affordable housing but also to protect the investment of Torotonians and people in Ontario. The short term, the trio agreed the last thing the region needs is anything to fuel demand in the marketplace.Although minor, Ontario did make it easier for first time buyers to purchase a home by doubling the maximum land transfer tax refund to $4,000 in January.we have agreed to refrain from introducing new measures for buyers which would impact housing price in the GTA by boosting demand, said Morneau. Know that having a meeting and displaying our collective goals of ensuring that the market stays stable is going to have an impact on speculative behaviour.
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