Canadian Finance Minister Bill Morneau unveiled new measures that tighten access to mortgage insurance for commercial banks and closes a tax loophole on homes purchased by foreigners, amid warnings of a potential housing crash.
Morneau, in an announcement Monday in Toronto, said mortgages with a down payment of more than 20 percent will face the same eligibility requirement for insurance as those with lower down payments. The government will also close a tax loophole that allows non-residents to buy homes and later claim an exemption on the sale.