Close X
Saturday, November 30, 2024
ADVT 
National

Ottawa Should Do More To Cool Toronto, Vancouver Real Estate Markets: OECD

Darpan News Desk The Canadian Press, 01 Jun, 2016 12:00 AM
    TORONTO — The Organization for Economic Co-operation and Development says Ottawa needs to introduce measures aimed at reducing some of the risk associated with soaring home prices and household debt levels in Toronto and Vancouver.
     
    The OECD says in a report issued today that the possibility of a housing market correction, particularly in Toronto and Vancouver, could threaten the country's financial stability.
     
    Finance Minister Bill Morneau recently increased the minimum down payment for homes over $500,000, a measure aimed specifically at cooling those two markets.
     
    As of February, borrowers must put down 10 per cent on the portion of a home over $500,000.
     
    Homes below that threshold still require only a five per cent down payment.
     
     
    But the OECD says more measures should be introduced to reduce some of the risk stemming from soaring house prices and high household debt levels.
     
    It says those measures should be targeted at Toronto and Vancouver, which together comprise a third of the country's real estate market.
     
    The OECD also called on the federal government to tighten mortgages rules in its last report in December.

    MORE National ARTICLES

    Medical Marijuana Equipment Auction Reveals Risky Business For Pot Entrepreneurs

    RICHMOND, B.C. — In the market for 350 marijuana grow lights, 50 air ventilators or two dozen giant fans? You're in luck.

    Medical Marijuana Equipment Auction Reveals Risky Business For Pot Entrepreneurs

    Police Officer Tells Calgary Murder Trial He Found Diabetic Teen Already Dead

    Police Officer Tells Calgary Murder Trial He Found Diabetic Teen Already Dead
    Const. Larry Pugliese is testifying at the first-degree murder trial of Emil and Rodica Radita.

    Police Officer Tells Calgary Murder Trial He Found Diabetic Teen Already Dead

    One Half Of Long-Lasting Nova Scotia Couple Dies After 80 Years Of Marriage

    One Half Of Long-Lasting Nova Scotia Couple Dies After 80 Years Of Marriage
    LIVERPOOL, N.S. — A Nova Scotia man who was part of one of Canada's longest-lasting couples has died after 80 years of marriage at the age of 101.

    One Half Of Long-Lasting Nova Scotia Couple Dies After 80 Years Of Marriage

    Canada Wants Info From Russia On Rocket Expected To Fall Into Arctic Waters

    Canada is asking Russia for more information about a rocket stage that is expected to splash down this weekend in environmentally sensitive Arctic waters.

    Canada Wants Info From Russia On Rocket Expected To Fall Into Arctic Waters

    Liberal MP Hunter Tootoo Left Caucus, Cabinet Of His Own Accord, Says Justin Trudeau

    Liberal MP Hunter Tootoo Left Caucus, Cabinet Of His Own Accord, Says Justin Trudeau
    In a brief statement delivered this morning outside the Liberal caucus meeting, Trudeau acknowledged the challenge faced by the Nunavut MP.  

    Liberal MP Hunter Tootoo Left Caucus, Cabinet Of His Own Accord, Says Justin Trudeau

    Health Canada Imposes Ban On Powerful Street Drug Known As W-18

    Health Canada Imposes Ban On Powerful Street Drug Known As W-18
    The synthetic opioid is being added to the Controlled Drugs and Substances Act and classed as a restricted drug under federal regulations.

    Health Canada Imposes Ban On Powerful Street Drug Known As W-18

    PrevNext