The federal government may once again tighten rules in the Canadian mortgage market.
Finance officials are meeting in Ottawa today with some of the country’s leading economists for pre-budget discussions and the subject of limiting housing regulations may come up.
The discussion for changing mortgage rules seems to come from the Bank of Canada governor’s warning last week that consumer borrowing cannot continue at present rate.
“Canadian household balance sheets are becoming increasingly stretched,” said Mark Carney, who issued a warning to legislators about taking steps to contain the growth of personal debt. “Historically low policy rates, even if appropriate to achieve the inflation target, create their own risks.”
But a finance minister spokesman said further restricting mortgage eligibility was not on the agenda for when Jim Flaherty meets with the economists. The spokesman added the government already addressed the real estate sector in initiatives introduced earlier this year.
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