Garry Marr | 13/08/06 | Last Updated: 13/08/07 10:48 AM ET
The latest tightening of mortgage rules might come down to a couple of thousand dollars for the average Canadian consumer but that still has many wondering why Ottawa is cracking down once again on housing.
OTTAWA — The housing market may be recovering just a little too fast for CMHC, the federal Crown corporation that has a key role in shaping the market.
Don Lawby, chief executive of Century 21 Canada, said if the latest changes raise borrowing costs, housing is going to get more expensive.
“In the eyes of the government, housing must be out of control again, but I don’t see it,” he said, adding the warning, “if you push hard enough, there will be a correction.”
CMHC has notified banks, credit unions and other mortgage lenders that they will each be restricted to a maximum of $350-million of new ...