{"id":3848,"date":"2016-11-01T10:10:28","date_gmt":"2016-11-01T17:10:28","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3848"},"modified":"2016-10-29T10:08:22","modified_gmt":"2016-10-29T17:08:22","slug":"canadian-federal-government-isnt-planning-on-future-measures-to-cool-the-housing-market","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/11\/canadian-federal-government-isnt-planning-on-future-measures-to-cool-the-housing-market\/","title":{"rendered":"Canadian Federal Government Isn\u2019t Planning on Future Measures to Cool the Housing Market"},"content":{"rendered":"<p style=\"text-align: justify;\">When it comes to Canada\u2019s housing market, the federal government plans to stand on the sidelines for the time being.<\/p>\n<p style=\"text-align: justify;\">\u201cWe will continue to be vigilant in monitoring the market,\u201d said Canadian Finance Minister Bill Morneau after delivering a speech in Toronto today, Global News reports.<\/p>\n<p style=\"text-align: justify;\">\u201cWe have no further action under consideration in terms of housing,\u201d he added.<\/p>\n<p style=\"text-align: justify;\">Policymakers are observing the market to see what impact recent tax and mortgage measures have, Morneau explained.<\/p>\n<p style=\"text-align: justify;\">At least one economist has speculated the measures will put downward pressure on sales activity in the closing months of this year.<\/p>\n<p style=\"text-align: justify;\">\u201cWe will remain on top of this because we know this is a very important risk to our economy,\u201d Morneau continued, referring to the possible fallout from government intervention.<\/p>\n<p style=\"text-align: justify;\">In early October, Morneau announced a number of measures geared towards reducing risks facing the Canadian housing market.<\/p>\n<p style=\"text-align: justify;\">These included closing a tax loophole that allowed non-residents to skirt paying capital gains taxes on home sales by declaring the property as their primary residence.<\/p>\n<p style=\"text-align: justify;\">Another measure, which has resulted in broader stress testing for mortgage applicants, took effect earlier this month on October 17th.<\/p>\n<p style=\"text-align: justify;\">A third measure is set to take effect on November 30th. On that day, eligibility requirements for low- and high-ratio insured mortgages will be streamlined. Both will have a maximum amortization period of 25 years and minimum qualifying credit scores of 600.<\/p>\n<p style=\"text-align: justify;\">Though further cooling measures aren\u2019t on the docket, Morneau outlined his course of action for the future in his speech today.<\/p>\n<p style=\"text-align: justify;\">\u201cI will continue to act to ensure that household debt levels are sustainable, that lenders are acting prudently, and that increases in interest rates or a housing market downturn don\u2019t put at risk the economic growth we are working so hard to accelerate.\u201d<\/p>\n<p><a href=\"http:\/\/news.buzzbuzzhome.com\/2016\/10\/canadian-federal-government-planning-future-measures-cool-housing-market.html\" target=\"_blank\">Canadian Federal Government Isn\u2019t Planning on Future Measures to Cool the Housing Market<\/a> by Josh Sherman | Buzz Buzz Home<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When it comes to Canada\u2019s housing market, the federal government plans to stand on the sidelines for the time being. \u201cWe will continue to be vigilant in monitoring the market,\u201d &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/11\/canadian-federal-government-isnt-planning-on-future-measures-to-cool-the-housing-market\/\">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":[13],"tags":[],"class_list":["post-3848","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Canadian Federal Government Isn\u2019t Planning on Future Measures to Cool the Housing Market &#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\/11\/canadian-federal-government-isnt-planning-on-future-measures-to-cool-the-housing-market\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian Federal Government Isn\u2019t Planning on Future Measures to Cool the Housing Market &#8226; 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