News about housing market
Latest news regarding GTA,Mississauga and Oakville Real Estate. The new CEO of the Canadian Bankers Association says policy-makers should take time to ensure there are no unintended consequences stemming from efforts to rein in Toronto's runaway housing prices before introducing further measures.
In his first interview with a Canadian news organization since taking the helm of the association, Neil Parmenter said he's encouraged that the various levels of government federal, provincial and municipal are working together on housing policy.
But he urged regulators and politicians to wait and see what effects the most recent rule changes will have before introducing new policies.
The Ontario government announced a suite of regulations in April aimed at cooling the country's hottest housing market, including a 15 per cent tax on foreign speculators.
The CEOs of Canada's biggest banks have said recently that they are seeing early signs that the Toronto real estate market is slowing down.
Parmenter says all of the banks are closely watching the housing market, which has become a topic of concern lately due to rapidly soaring prices in Toronto and Vancouver and a liquidity crisis at mortgage lender Home Capital Group.