New rules finalized
Rules, not the rates, the housing market is controlled in the future.
In the last 6 months, there has been a new rule after the other to the Canadian. Today, the regulators supported a rule that would allow eligible borrowers to 2 percentage points above the contract rate, even if they put 20%.
TD economists estimate that the new rules will depress the demand for housing of 5% to 10%. On the price, they expect a 2-4% of the drag.
These rules are hitting a market that is suddenly cool, so risks abound.