{"id":1074,"date":"2016-02-28T08:55:29","date_gmt":"2016-02-28T16:55:29","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=1074"},"modified":"2016-02-26T20:56:09","modified_gmt":"2016-02-27T04:56:09","slug":"mortgage-rule-changes-not-enough-to-cool-toronto-vancouver-housing-markets","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/02\/mortgage-rule-changes-not-enough-to-cool-toronto-vancouver-housing-markets\/","title":{"rendered":"Mortgage Rule Changes Not Enough to Cool Toronto &#038; Vancouver Housing Markets"},"content":{"rendered":"<p style=\"text-align: justify;\">The government may have its work cut out for it when it comes to Canadian real estate.<\/p>\n<p style=\"text-align: justify;\">Earlier this month, mortgage rules increasing minimum down payments on some homes came into effect, but a new survey suggests most Canadians think regulators need to do more.<\/p>\n<p style=\"text-align: justify;\">Two-thirds of the 1,513 respondents to an Angus Reid Institute survey say the government should step up its involvement in the country\u2019s real estate sector to make sure \u201cthe system is fair.\u201d<\/p>\n<p style=\"text-align: justify;\">The polling was carried out on Feb. 15, the same day that the minimum down payment on for portion of home prices between $500,000 and $1 million rose to 10% from 5%.<\/p>\n<p style=\"text-align: justify;\">Observers noted the regulatory change, put forward by the federal Liberal government in late-2015, was especially geared towards cooling the Toronto and Vancouver housing markets, both of which have average sale prices considerably higher than $500,000.<\/p>\n<p style=\"text-align: justify;\">Among the 26% of respondents planning to buy real estate this year, 7% say these new rules make them less likely to do so.<\/p>\n<p style=\"text-align: justify;\">\u201cExtrapolating responses against population, this group may represent more than two million Canadians, more than 500,000 of whom live in either Metro Vancouver or the GTA,\u201d according to an Angus Reid news release accompanying the poll results.<\/p>\n<p style=\"text-align: justify;\">However, 17% of the respondents hoping to buy property say the rules haven\u2019t had any effect on their real estate intentions, and 2% say they are more likely to make a splash in the market.<\/p>\n<p style=\"text-align: justify;\">Some observers predicted potential homebuyers would scramble to buy homes before the rules took effect.<\/p>\n<p style=\"text-align: justify;\">When the new Canada Mortgage and Housing Corporation rules were announced, the average price of a Canadian home was $453,000, so the idea was that a vast majority of markets would not be affected.<\/p>\n<p style=\"text-align: justify;\">But results from a separate Angus Reid real estate survey, conducted from February 2nd to the 10th and also published today, suggests nearly a third of all Canadians think home prices are too high \u2014 and this isn\u2019t limited to the country\u2019s two hottest markets.<\/p>\n<p style=\"text-align: justify;\">While Vancouver and the Greater Toronto Area had the highest share of respondents to say home prices in their communities are \u201cunreasonably high\u201d at 70% and 50%, respectively, other urban markets had no shortage of people sharing this view.<\/p>\n<p style=\"text-align: justify;\">For instance, 28% of Edmontonians and Montrealers questioned say local real estate prices are unreasonably, as do 27% of Haligonians, according to the Angus Reid poll of 5,867 Canadian adults.<\/p>\n<p style=\"text-align: justify;\">\u201cA significant proportion of residents in smaller urban centres don\u2019t exactly see themselves rolling in clover when it comes to their own markets,\u201d said the pollster.<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/02\/mortgage-rule-changes-not-enough.html\" target=\"_blank\">Mortgage Rule Changes Not Enough to Cool Toronto &amp; Vancouver Housing Markets<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government may have its work cut out for it when it comes to Canadian real estate. Earlier this month, mortgage rules increasing minimum down payments on some homes came &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/mortgage-rule-changes-not-enough-to-cool-toronto-vancouver-housing-markets\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-1074","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Rule Changes Not Enough to Cool Toronto &amp; Vancouver Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/02\/mortgage-rule-changes-not-enough-to-cool-toronto-vancouver-housing-markets\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Mortgage Rule Changes Not Enough to Cool Toronto &amp; Vancouver Housing Markets &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"The government may have its work cut out for it when it comes to Canadian real estate. 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