Flaherty: New mortgage rules doing their job
Finance Minister Jim Flaherty announced Wednesday that there will be no more tightening of mortgage rules, following a series of revisions beginning in January.
In a recent announcement, Finance Minister Jim Flaherty stated that the recent changes to the mortgage lending process have had the desired effect, and that further measures in the near future should not be necessary.
Canada's housing market and steadily rising home prices have been a concern for the government, sparking a series of tightening regulations, the most recent of which include decreasing the maximum amortization for high-ratio mortgages and lowering the amount Canadians can borrow to refinance their homes.
After the regulations took effect July 9th, Flaherty has shown satisfaction with the changes, and is now expected to focus on economic stimulus and balancing Canada's budget.
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