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Canada tackles runaway home prices in Toronto, Vancouver

3 federal agencies announce tightening measures, aiming to reduce risk to nation's financial system

Published Sun, Dec 13, 2015 · 09:50 PM
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Ottawa

CANADIAN regulators are seeking to clamp down on runaway prices in the country's two most expensive housing markets - Toronto and Vancouver.

In a coordinated effort by the three federal agencies that oversee home borrowing, Canadian authorities on Friday said that they would raise downpayment requirements for homes above C$500,000 (S$513,700), while making it more costly for banks to fund lending to that market.

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