Mortgage News
Canada has done enough to cool housing market: Flaherty
Canada has done enough to slow its housing market and prevent a crash like that seen in the United States or Spain, Finance Minister Jim Flaherty said on Saturday.
Published
In an interview with CBC Radio, Finance Minister Jim Flaherty indicated he has no plans to take further measures to cool the housing market. The latest changes, which included lowering the maximum amortization period for high-ratio mortgages and decreasing the amount Canadians can borrow to refinance their homes, were implemented in July and have shown that they are having the desired effect.
Flaherty has shown satisfaction with the outcome of implementing these changes, most notably the slowdown in the condo markets of Vancouver and Toronto.