Something similar - called "shadow flipping" - became increasingly common in Vancouver, in which a real estate agent would resell the same previously-owned home mant times before the closing date, driving up the price of the house, sometimes by hundreds of thousands of dollars.
Federal Minister Bill Morneau says Ottawa will help the province in a number of ways, including housing data collection and analysis, enforcement of tax compliance through Canada Revenue Agency, and anti-money laundering rules.
Toronto prices rose 33 percent in March from a year earlier and the average price of a detached home surpassed C$1.2 million ($903,000) last month, sparking warnings from Bank of Canada Governor Stephen Poloz last week that speculation is likely at play.
The Aggregate Composite MLS Home Price Index, which measures the price of a typical property at each market, soared 18.6% year-over-year in March after gaining 16% in February. Sales in Toronto posted the biggest increase, offsetting a decline in Vancouver.
We will be sharing relevant data more regularly between governments to enhance understanding of the Ontario housing market and to help inform analysis of current and future measures created to provide market stability.
A spokesperson for Toronto Mayor John Tory has revealed what the municipal leader plans to bring to the table on Tuesday during a scheduled meeting with the Ontario and Canadian ministers of finance.
Morneau said the meeting itself will help calm the speculative nature of the GTA's housing market.
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It is an about-face from May's earlier statements about an early election, but it is hard to blame her for wanting to go early. There can be little doubt over why the Prime Minister has called a snap election despite repeatedly stating she would not.
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Hosted by Hockey East at the TD Garden, the arena also was home to college hockey's penultimate event in 1998, 2004 and 2015. Finally, the Division I Men's Wrestling Tournament will take place at Little Caesars Arena as well, the NCAA announced .
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He was a weak supporter of the Remain campaign, and efforts by Labor legislators to unseat him have failed. May's governing Conservatives now have a slight majority, with 330 seats in the 650-seat House of Commons.
Compared with a year ago, actual sales in Canada, not seasonally adjusted, were up 6.6 per cent. Gains in the Greater Toronto Area led the way with a 17.0 per cent increase.
"The drum-tight housing market balance in Toronto and nearby cities stands in contrast to housing market trends elsewhere in Ontario and other provinces", CREA chief economist Gregory Klump said in the report.
Toronto's mayor has previously appeared skeptical about the effectiveness of another cooling measure, BC's foreign-buyer tax for Metro Vancouver. Tal said the drop was due to domestic buyers waiting to see what the impact of the tax would be, but they are now back in the market.
OFA is looking for some relief when it comes to the increase in prices of farm fuels, Currie said.
While both homebuyers nervous about being priced out of Canada's largest city and economic observers fretting over the contagion effect of an abrupt real estate correction on the broader economy will be anxious for swift policy action, Royal LePage president Phil Soper said he believes a slow and steady approach is the best way forward.
Sales in Greater Vancouver, once the country's hottest real estate market, fell 31.5 per cent compared with a year ago.