The Canadian government has announced a series of changes to the mortgage rules, and have introduced news ones. It appears that most of the changes are targeted at taming the high demand being witnessed in the country’s fastest growing housing markets – Vancouver and Toronto. Here are some of the regulations, the impact they are having, and the anticipated winners and losers, to illustrate who will likely benefit from these changes.
In as much as the above rules will have significant impact across the entire industry, middle class families seem to be the greatest beneficiaries, since the prices of houses will be in control and they will not feel as if the prices are beyond their reach. Since the rules are seen to mainly target the hot markets, it will now be easier for middle class families to gain access to houses in such places.
Additionally, it can be concluded with certainty that the new regulations will be effective in cooling the hot markets where house prices were seen to be unreasonably high. Such regulations are often considered a damper for the entire housing market, despite the diversity and uniqueness of each respective market.
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