Finance Minister said that Ontario's government will overhaul some of the province's financial regulatory bodies and create new authority with a strong focus on consumers.

Finance Minister Charles Sousa said an advisory panel recommended significant reforms following a review of the Financial Services Commission of Ontario, the Financial Service Tribunal and the Deposit Insurance Corp. of Ontario. The Financial Services Commission regulates the insurance sector and pension plans among other financial-services providers. The tribunal reviews decisions made by the commission. The third corporation provides deposit insurance for credit unions.

He said the province's Liberal government will introduce legislation to establish the Financial Services Regulatory Authority and further details on the regulator will be included in its fiscal update on Nov. 14.

Aside from this, Ontario will also take steps next week to deal with rising house prices in the Toronto area, but it will not follow British Columbia's lead and impose a tax on foreign buyers.

Finance Minister Charles Sousa also said on an interview regarding this that "something must be done" to deal with soaring home prices in Toronto, especially for first-time buyers who find it near impossible to save a big enough down payment to enter the market.

Sousa told the Canadian Club Toronto he needs more data on the impact of B.C.'s foreign buyer's tax in Vancouver and more information on the Toronto market, and doesn't want to do anything that would adversely affect neighbouring real estate markets.

Sousa will outline Ontario's plan to address housing affordability in next week's fall economic statement, but he wouldn't say if he plans to offer tax breaks to first-time buyers or take measures to help lower prices.

Sousa also announced that the Liberal government would soon introduce legislation to establish a Financial Services Regulatory Authority that will "modernize and strengthen" regulations, with more of a consumer focus. He said the mandates of the Financial Services Commission of Ontario, the Financial Service Tribunal and the Deposit Insurance Corporation of Ontario were "outdated."