Real estate leader calls for caution on more housing measures

by Steve Randall13 Jul 2017
With recent introductions of mortgage stress tests and the interest rate rise from the BoC, the CEO of the Ontario Real Estate Association is urging caution.

Tim Hudak says that the rising cost of mortgages and HELOCs following the central bank’s decision, added to tighter regulations for borrowers, cannot be viewed in silos.

“Governments need to be very cautious about the cumulative impact of intervention in the housing market going forward. With both sales and prices slipping recently in the GTA, federal, provincial and municipal governments should think carefully about further measures to reduce demand for housing,” Mr Hudak warned.

He said that policymakers should hit pause on further measures, including a proposed provincial stress test on mortgages alongside federal rules, and take a wait and see approach.

Mr Hudak repeated calls for more focus on supply side issues especially for the ‘missing’ housing types including townhomes, stacked townhomes and duplexes, and speeding up the housing approvals process.

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

Market update:

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release


Do you invest in commercial properties?