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You just lost 21% of your homebuying power.
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Toronto and Vancouver house prices pose a risk to the country, think tank argues.
The international bank is raising the alarm about a possible housing market correction in Canada.
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If a bank can trust a lender, so can the government, she said.
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Head of federal mortgage insurer calls for higher down payments.
They'll hurt resales. They'll only wound prices.
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She is calling on the feds to make changes to their new mortgage rules.
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Don't say the banks didn't warn you.
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The regulations could prove "too constraining" in cities like Toronto and Vancouver.
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Good news for Canadian financial stability, bad news for the house-hungry.
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Says the guy who works on behalf of Canadian mortgage brokers.
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Nationally, real estate markets remain healthy, with home values showing modest to strong price appreciation in almost every Canadian city. New measures introduced by the federal finance ministry on October 3, designed to cool the housing market, have led to a decline in sales in Vancouver.
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"Until the dust clears, we are no longer making loans."
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And save them from themselves.
Mark Blinch / Reuters
They may need to buy lower-priced homes or increase their down payments.
Chris Helgren / Reuters
The long-running seller's market will slowly become a buyer's market due to lack of affordability, which in turn could result in decreased housing prices -- as people will no longer be able to afford homes in what were previously known as "hot markets."
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Under new mortgage rules just announced by Finance Minister Bill Morneau, all insured mortgage borrowers must now pass a "stress test" proving that they can carry a mortgage at a realistic rate (the Bank of Canada's conventional five-year fixed posted rate), and not simply the "teaser" rate offered for a short period by the mortgage lender.
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OSFI thinks lenders should know how much borrowers make.
Proposal would delay home ownership dreams, critics say.
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Regardless, Finance Minister Bill Morneau seems optimistic.
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The changes affect properties that cost more than $500,000 — a small percentage of the overall market.
Watch out, Toronto and Vancouver.
The majority of the impact will fall on first-time buyers.
People in Vancouver, Toronto could feel the brunt of the new rules
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