TORONTO – Moments after introducing a package of measures designed to cool the GTA’s red-hot housing market, Premier Kathleen Wynne conceded she’s open to doing more if her plan doesn’t work.
Wynne made the much-anticipated announcement on the housing market and new rent controls with condos in one of Toronto’s trendiest neighbourhoods as her backdrop.
The 16 measures include the imposition of a 15% foreign speculators tax and closure of a loophole that allowed landlords to raise rent by any amount on units built after 1991.
Wynne acknowledged that the government will wait and see what impact the measures will have and wouldn’t rule out taking further action, if necessary.
“We’re going to continue to pay close attention to what happens in the housing market,” she said. “There’s nothing here that gets changed and then that’s it … If there’s more that we need to do, if there’s changes we need to make, then we will make them.”