TORONTO Oct 3 Canadian Finance Minister Bill
Morneau will make an announcement on Monday on the country's
housing market, a government official familiar with the matter
The official, who spoke on condition of anonymity due to not
being authorized to talk to media, did not disclose further
The Globe and Mail newspaper, citing an unnamed government
source, said Morneau will unveil new measures aimed at slowing
the flood of foreign money pouring into overheated housing
markets like Vancouver and Toronto.
The article said Ottawa will close a tax loophole that
allows non-residents to buy homes and later claim a tax
exemption on the sales. The government plans to make sure the
principal-residence exemption is only available to individuals
who reside in Canada in the year the home is purchased, it said.
Hot housing markets in Canada's two largest cities, Toronto
and Vancouver, have sparked some fears of a housing bubble, and
Morneau said in June the government has formed a working group
to recommend policy changes.
Morneau's office said on Sunday he would make an
announcement in Toronto on Monday, but did not elaborate.
The office could not be immediately reached for comment.
(Reporting by Ethan Lou in Toronto)