Peter Tabuns MPP, Toronto-Danforth

Government of Ontario

Wynne Allowing Speculators to Keep Driving Up Home Prices: NDP

Published on May 3, 2017

QUEEN’S PARK – During question period Wednesday, Toronto-Danforth NDP MPP Peter Tabuns, demanded to know why Premier Kathleen Wynne did nothing to control corporate housing speculators in her 2017 budget, and nothing to help families get into their first home. “The cost of a house is still skyrocketing.

The budget doesn’t have a single mechanism to help people buy a home,” Tabuns said. “Instead, people saw a budget that is trying to score political points by talking about only foreign speculators. But as long as you have a Canadian passport or a Canadian business number, there is nothing to rein in speculating.

“Nothing to stop consortiums from buying up swaths of homes and driving up prices. “Why are the Liberals helping speculators, and letting housing prices get even further out of reach for people?”

Over the last year, the cost of a home in Toronto rose by 31.7 per cent, with the average home priced at $920,791.

“A home half that cost would be out of reach for a lot of people. This budget protects corporations flipping properties, and lets housing get even more out of reach for ordinary people,” Tabuns said.

“Why isn’t the government dealing with speculation?”