Responding to a letter from Ontario’s finance minister Charles Sousa, Bill Morneau’s spokesperson said the federal government is committed to tackling housing affordability.
"Our government is bringing consistency to mortgage rules by standardizing stress tests for both low and high ratio mortgages. Additionally, we’re improving tax fairness by ensuring that the principal residence exemption is available only in appropriate cases," the response said.
Bill Morneau will be setting out the government’s budget Wednesday.
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
The federal finance minister says he will work with the provinces to address housing affordability issues.