Real Estate
Time to Relax Mortgage Regulations, Canada Home Builders Say
- New restrictions have done their job to cool housing market
- Millennials squeezed out or pushed into riskier mortgages
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Canada’s home builders are urging the federal government to loosen mortgage-lending restrictions that have helped cool housing markets this year.
Executives at Mattamy Homes Ltd., North America’s largest closely held home builder, said the rules have brought about the desired soft landing and aren’t needed as much now that interest rates are rising. The Canadian Home Builders’ Association said the rules are hitting millennials and struggling markets like Calgary particularly hard.