No More New Mortgage Rules to Slow Down the Market

(October 21, 2012 )

The government has been actively tightening our Canadian mortgage rules, in attempts to slow down our real estate market.  The thought behind it, was to soften the already inflated market, so it does not crash like in the United States.

During a CBC Radio session, Finance Minister Jim Flaherty commented that there will be no plans to take further actions:

“We’ve done enough, I do not intend to do any more,” Flaherty said, adding that he was pleased at signs of a slowdown in key sectors of the market, like the condo market in the big cities of Toronto and Vancouver.  We've seen a 15.1% drop in the number of sales compared to 1 year ago for September.

As the winter months approach, our real estate market will continue to slow down.  However, many economist believe we will see a jump when we hit back into the spring months for next year.