How Will New Canadian Mortgage Rules Impact All Home Buyers?
The Canadian housing market has seen its share of turbulence since Trudeau took office in November of 2015. The Liberal government has taken an aggressive stance on cooling down real estate in Canada's largest cities. Rates have been mounting, and borrowers are finding it harder to qualify for loans.
New rules are continually being implemented to prevent an affordability crisis, which is linked to the rising price of Canadian homes in certain areas. Data from Canadian Real Estate Association (CREA) suggests that houses in the Greater Toronto Area experienced over 20% increases from 2016 to 2017. According to Trudeau, the escalating prices are making it much harder for Canadians to own homes.