Trudeau vows to review escalating home prices in markets like Toronto, Vancouver
Published Wednesday, September 9, 2015 10:04AM EDT
Last Updated Wednesday, September 9, 2015 11:48AM EDT
Liberal Leader Justin Trudeau said his government would review the escalating home prices in booming housing markets to "keep ownership within reach" for residents of those communities.
Trudeau made the pledge during a campaign stop in Toronto on Wednesday, where he announced some details of his affordable housing plan.
"We recognize that there are particular problems right across the country including in booming housing markets like Vancouver and some parts of Toronto and that is something that we are committed to being a good partner to provinces and municipalities on addressing," he said.
Trudeau did not provide specific details, but said he's been working closely with Liberal candidates in markets with affordable housing issues.
"If there's issues and speculation then yes, the federal government has potential tools to step in, in concert with provinces and municipalities who of course know best what challenges their communities are facing."
In August, Conservative Party Leader Stephen Harper made a similar pledge, vowing to look into the possibility that foreign home ownership may be driving up prices in major cities.
The Liberal leader also said he plans to reinstate the long-form census to aid in the review of housing issues in Canada. The census would provide "solid data" on the specific problems in communities with high-priced markets, he said.
Trudeau added that his government would invest $20 billion over 10 years into affordable housing, seniors' facilities and rental units across Canada.
His plan includes the finance of new rental housing units, and repairs to existing rental options.