Dec
02
Canada Officials Said to Favor Higher Down Payments on Homes
By-
Finance department pushing for down payments of 10 percent
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Former finance minister Oliver rejected plan early this year
Canadian government officials are pushing for tighter housing finance rules to cool soaring real estate markets in Toronto and Vancouver, according to people familiar with the plans.
The finance department recommends raising the minimum down payment on insured mortgages to as high as 10 percent from 5 percent for homes above a certain value, the people said on condition they not be identified because the deliberations aren’t public. Former Finance Minister Joe Oliver rejected the recommendation earlier this year. Department officials raised the proposal again at an October meeting with industry, according to one of the people…
Canada Officials Said to Favor Higher Down Payments on Homes
