The head of ING DIRECT, Canada’s 6 largest mortgage lender, has said he hopes that the Finance Minister doesn’t change the mortgage rules as there is too large a threat they could not only slow down, but kill the housing market.
In the Globe and Mail today he said, “High level, one-stroke fixes are too simple, and can have a very large impact, I worry about government-based tightening of the mortgage rules creating a much worse reaction – too fast of a cooling, which is not really good for anyone.” This comes after Scotiabank acknowledged that house prices are now in bubble territory.
Everyone is waiting for the March 4 budget where Jim Flaherty could announce if these proposed mortgage rule changes will actually go into effect.
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