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Surging house prices in the Toronto area are “not sustainable and not healthy,” a key executive at Bank of Nova Scotia says – but governments should wait out the busy spring buying season before stepping in.

James O’Sullivan, the head of Canadian banking at Scotiabank, said Toronto is clearly the housing market “we should collectively be most concerned about,” and that the country’s third-largest lender would prefer to see “action sooner rather than later.”

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