A meeting is scheduled Tuesday between the federal finance minister, his Ontario counterpart, and the Mayor of Toronto, which could change the red-hot housing market.

Among the issues being discussed are a potential tax on vacant homes in Toronto and lack of supply in both the sales and rental markets.

Mayor John Tory, federal finance minister Bill Morneau and Ontario finance minister Charles Sousa will meet in person but CityNews.ca reports that there will be differences in opinion in what is causing some issues and how to tackle them.

However, the meeting will be seen as a positive step towards addressing issues that are resulting in surging home prices in Toronto and the wider area which have led to concerns of a housing bubble.

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