News & Press

New mortgage rules will ‘reduce the risk’ a housing crash poses to Canada’s economy.

October 07, 2016

Gordon Isfeld | October 3, 2016 |

 

OTTAWA — Canada’s finance minister believes the housing market remains hot, but healthy. It just needs a little more regulatory care to keep it that way and not harm the economy in the process.

For now, Bill Morneau’s prescription calls for some gentle adjusting of existing rules — like closing a tax loophole on non-resident real estate investors — along with new measures, such as a mortgage-rate “stress test” to ensure hopeful buyers can afford to get into the market in the first place and meet their payments when lending levels begin to rise.

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