Pursuits
Canadian Bankers Call on Government to Cool Home Prices
- National Bank CEO says mortgage down payments should rise
- Prices rose by 25% in Vancouver and 19% in Toronto in April
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Canadian bankers are calling on the government to take further steps to cool surging housing markets in Toronto and Vancouver.
The heads of National Bank of Canada and Bank of Nova Scotia said mortgage down-payment requirements should be boosted to tame the market, joining the Organisation for Economic Cooperation and Development, which said Wednesday measures should be taken to reduce the risk to financial system from household debt and rising prices.