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Oct

05

Official Says Canada Home Sales Could Fall 8% Amid New Rules

By Tony Seruga

Sales drop would be temporary: Department of Finance spokesman
Overall long-term impact of Finance regulations ‘positive’

Canada’s finance department projects home sales could fall as much as 8 percent in the first year after new housing regulations are implemented, before rebounding, based on an analysis using historical data.

Finance Minister Bill Morneau announced the new rules Monday. They include a stress test for home buyers and increasing the eligibility requirements for mortgages to get insured, and they come into effect as early as Oct. 17. The announcement has already eroded mortgage finance company shares and prompted forecasts of slipping mortgage growth at the banks, as well as fewer home purchases and a price cool-down…

Official Says Canada Home Sales Could Fall 8% Amid New Rules

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