OECD: OTTAWA MUST TAKE MORE STEPS TO COOL HOT HOUSING MARKETS
Jun 01, 2016
By Bob Komsic
The Trudeau government has to introduce new measures to reduce some of the risk associated with soaring real estate prices and household debt levels in Toronto and Vancouver.
That warning comes from the Organization for Economic Co-operation and Development in a just released report in which the Paris-based think tank says the possibility of a housing market correction, especially in those two markets, may threaten Canada’s financial stability.
The OECD called for more measures just last December.
Since February, the government has increased the minimum down payment for homes over $500,000.
Buyers must put down 10% of the purchase price when a home’s more than half-a-million dollars.
They can still put down half that on the first $500,000.
While sales in both markets have cooled in recent months, prices have kept climbing.