The Canadian Real Estate Association (CREA) has launched a REALTOR® Call for Action on potential changes to Canada’s mortgage financing rules.
According to CREA, there is strong speculation the federal government may further tighten mortgage financing rules; in particular, raising down payment requirements and shortening amortization periods. This would make it more difficult for some Canadian families to purchase a home and could have a detrimental impact on existing homeowners and the economy. Finance Minister Jim Flaherty said he is monitoring the situation, and will take action if needed.
In a December letter to the Minister of Finance, CREA’s CEO Pierre Beauchamp raised concerns about possible changes to mortgage financing rules.
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