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23

Royal Bank of Canada CEO Says More Measures May Be Needed to Cool Housing

By Tony Seruga

McKay says Toronto may mimic Vancouver with rebound from slump
New housing measures would ensure healthy market balance

More measures to cool the housing market may be needed if Toronto sees a bounce-back in prices as Vancouver did even after a foreign-buyers tax was imposed, according to Royal Bank of Canada Chief Executive Officer Dave McKay.

McKay said in a conference call discussing RBC’s third-quarter results that he’s already seeing a slowdown in home prices in Toronto after the Ontario government announced a 15 percent tax on foreign buyers in April. Ontario’s move followed similar measures enacted in British Columbia in August to cool an overheated Vancouver housing market…

Royal Bank of Canada CEO Says More Measures May Be Needed to Cool Housing

Categories : Real Estate

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