How to cool a red-hot housing market

Julie Gordon/Reuters

When the federal budget landed last week, Ontario Finance Minister Charles Sousa was disappointed in at least one respect. Sousa had pressed the Liberal government to do something about the province’s overheated real estate market, specifically in the Greater Toronto Area, where the average selling price for homes soared 27.7 per cent compared to the year before, to $875,983. Sousa advocated higher capital gains taxes on the sale of homes that are not primary...

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