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Flaherty says no mortgage rule changes

The federal government has no plans to tighten mortgage rules again, said Finance Minister Jim Flaherty, cooling the speculation surrounding his meeting with the country’s leading economists yesterday.

But if the market changes, he is not against the idea. “Our concern is always ensuring that the housing market does not overheat, and in particular that the mortgage market does not overheat,” said Flaherty on Monday October 4.

In recent weeks, economists have raised concerns about a housing bubble getting ready to burst, and about how much debt Canadian households are carrying. The average Canadian household shoulders a debt equal to 146 per cent of their income.

Flaherty added the government wants to ensure it limits the speculative real estate market.

Source: MyMortgage news letter
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