WATCH: PC party calling on government to address housing supply

A week after the Toronto Real Estate Board revealed that the price of a home in Toronto is up 33 per cent since March last year, the PC party says there is a sense of urgency for the government to act.

The finance minister has promised to tackle the hot real estate market in the upcoming budget.

PC Leader Patrick Brown is out with a list of recommendations, things he says the government needs to do immediately.

The number one issue that he says needs to be addressed is housing supply.

Brown is calling on the government to reduce red tape that he says limits supply, by slowing down the process of going from concept to building to putting a key in a home owner's hand.

"People bemoan having to build in Ontario because of how difficult, how arduous it is," Brown says.

The second recommendation is to address demand, by collecting data on speculative vacancies.

The opposition is also calling for the establishment of a panel of industry experts to develop solutions.

There has been talk of whether the province should bring in a foreign buyers' tax, similar to the one in Vancouver, or a vacancy tax on unoccupied homes, but Brown says the solution isn't always a tax.

Housing minister Chris Ballard says a dedicated housing affordability team is in place and will announce new measures in the near future.