Ottawa moves to limit your home’s value.
Ottawa’s housing reforms target foreign buyers, mortgage debt
Ottawa has taken a broad brush to curbing risks in the housing market, unveiling new measures to crack down on speculation by foreign investors and make it harder for homeowners to dig themselves deeply into mortgage debt.
Finance Minister Bill Morneau announced a series of changes, including more stringent “stress testing” for borrowers who take out insured mortgages and rules aimed at mortgages with high down payments.
In an interview with The Globe and Mail, Mr. Morneau said the new measures are aimed at addressing concerns that extremely low interest rates have encouraged Canadians to overextend themselves financially, posing a risk to both individual homeowners and the broader financial system.