In a BNN interview Friday Mr Morneau said that the new regulations were still in their infancy and that change is expected later. However, UBC professor Tsur Somerville told The Huffington Post Canada that it's "going to have less of an effect than in places where the economy is weaker."
A recent report by CIBC was also skeptical about how effective the new measures would be, suggesting that just 3.9 per cent of mortgages would be affected.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Ocean Pond, Norland, Yarrow, Walpole Island, Fisherville
The changes to regulations which required greater mortgage downpayments introduced earlier this year appear to have done little to cool the housing market. Some experts are not convinced that finance minister Bill Morneau’s calls to ‘wait and see’ will result in any improvement.