Our Federal Finance Minister Jim Flaherty has something to say about the recent sales drop in expensive Canadian housing markets like Victoria, Vancouver and Calgary:
“I, for one, am not particularly concerned about the softening we’ve seen in some markets in Canada in residential real estate,” Flaherty told reporters, noting that Ottawa has twice tightened mortgage rules.
The most recent changes, which took effect in April, made it more difficult for some Canadians to qualify for a mortgage.
“This is entirely intentional, to tighten the market, so that we avoid the excesses that we’ve seen in other countries,” Flaherty said. “If we have to do more, we’ll do more.”
Quoted in the Calgary Herald. Read the full article here.