Ontario says it will take action to curb rising home prices in GTA and Hamilton

Finance Minister Charles Sousa says the upcoming spring budget will include a package of measures dealing with housing affordability.

The Liberal government has promised measures to help curb rising home prices in some markets, particularly in the Greater Toronto and Hamilton Area.

Speculative investing in the real estate market  buying a home in the hope of turning a profit rather than to live in it, is believed to be one of the culprits behind the soaring house prices.

Sousa has said curbing speculative real estate purchases could help address dwindling housing affordability so that first-time buyers are able to get into the market.

Sousa also cited foreign buyers and people moving to Ontario from other jurisdictions as potential contributing factors to the housing shortage.

There's no date set for the budget yet, but it's expected in the coming weeks.