Canada mulls higher down payments to cool property market

Ottawa

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 per cent from 5 per cent for homes above a certain value, the people said on condition they not be identified because the deliberations aren't public.