TORONTO - The federal finance minister is set to meet today with his Ontario counterpart and the mayor of Toronto to discuss the hot housing market in the Greater Toronto Area.
The gathering in Toronto comes as the Ontario government readies to unveil a much-anticipated package of housing affordability measures.
The provincial government has been facing growing pressure to take action on soaring real estate prices in Canada's most populous city and its surrounding areas.
The average price of a detached house in the region hit $1.21 million last month, up 33.4 per cent from a year ago.
Toronto Mayor John Tory has said he plans to discuss the city's lagging rental supply, a vacant property tax and the lack of real estate data at today's meeting.
Ontario Finance Minister Charles Sousa has said governments need to figure out what they can do about housing affordability without overcorrecting the system.
A spokesman for federal Finance Minister Bill Morneau said Monday that Ottawa is concerned about diminishing affordability in the housing market, calling the matter a complex issue with lots to talk about.
Last week, the head of the Bank of Canada warned of growing speculation in the Toronto housing market and said a correction there could reverberate in other parts of the country.
With files from CTVNews.ca
