Our new mortgage rules have hit the wrong parts of Canada

Oops!  It seems the federal Liberals' tougher new mortgage rules, meant to cool down Canada's more overheated housing markets, seemed to be having little impact.

And to the extent that they did impact the markets, they seem to have impacted the wrong ones.

Sales have fallen in many areas that already had the weakest economies and weakest housing markets in the country. While the rules introduced last October were meant to cool off Vancouver and Toronto with little effect, it appears that Newfoundland, Nova Scotia, P.E.I. and Saskatchewan all saw home sales fall in the 7 months following the new rules.

B.C. saw the largest decline in sales, down 21.5%, but Greater Vancouver's housing market was already in the midst of a slowdown when the rules were announced, and Toronto's market has taken off.

house for sale


No comments

Post Your Comment:

Your email will not be published
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.