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Reining in Toronto housing market will need delicate pas de trois Add to ...

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Economist Derek Holt has a word of advice for the three levels of government that are looking for policy solutions to cool Toronto’s overheated housing market: Be careful what you wish for.

“Rich housing valuations already permeate much of the economy and behaviour, and taking steps against it at such elevated levels [in the housing market] risks seriously damaging the economy,” Mr. Holt, head of capital-markets economics at Bank of Nova Scotia, said in a note to clients on Tuesday morning.

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