Ottawa ponders further tightening of mortgage rules

Financial Post- The federal government is once again looking at tightening rules in the Canadian mortgage market, according to a source close to the situation.

Finance officials are set to meet in Ottawa on Monday with some of the country’s leading economists for pre-budget discussions and the subject of whether to tighten housing regulations may come up.

Much of the discussion about changing the mortgage rules seems to stem from comments made by the Bank of Canada governor who last week warned that consumer borrowing could not continue at its present clip…

Ottawa ponders further tightening of mortgage rules

Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules

Calgary Herald- Federal Finance Minister Jim Flaherty said Thursday he is not concerned about slumping housing sales in some Canadian markets and has no plans to reverse mortgage restrictions imposed earlier this year.

Housing sales plunged dramatically last month in cities such as Calgary, Victoria and Greater Vancouver compared with one year ago.

But Flaherty, in Calgary to deliver a speech on Ottawa’s proposal for a national securities regulator, said he believes the housing slowdown is a sign that consumers are being more careful about financial risk-taking. He hinted the federal government wouldn’t shy away from additional mortgage restrictions, if needed…

Finance Minister Flaherty not worried about slumping markets, tougher mortgage rules

Home sales rise for first time since March

Times Colonist- Existing home sales climbed in August for the first time in four months, the Canadian Real Estate Association said.

However statistics from the Ottawa-based group, which represents about 100 boards across the country, show prices continue to fall.

The average price of a home sold last month was $324,928, up only slightly from $324,843 a year ago. However, compared with last month, when the average price of a home sold was $330,351, prices are down 1.6%…

Home sales rise for first time since March

Housing market remains vulnerable

Globe and Mail- Bloated debts and rising interest rates threaten to force a growing number of families to cut back and prompt Ottawa to intervene again to cool down the mortgage market.

Canadians have spent the past year rushing into a housing market fuelled by low mortgage rates, despite prices many could not afford if rates were to rise to more historically normal levels. About 375,000 homeowners are already being forced to cut spending in other areas, despite ultra low rates, the Canadian Association of Mortgage Professionals said in a recent report. A further 475,000 would find themselves in the same position if rates were to climb to 5.25 per cent…

Housing market remains vulnerable – The Globe and Mail

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