The chief executive of Scotiabank says that the Toronto housing market will correct at some point and the lender would rather see government intervention sooner rather than later.

Speaking at the bank’s annual shareholders’ meeting, James O’Sullivan said that “double-digit price increases are not sustainable and they're not healthy,” and he said that after assessing the market following the spring season action may be required.

Although he did not give details of the action he believes should be taken, he said the bank will be supportive of government action.

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