Finance Minister Jim Flaherty is betting that Canada's cooling housing market is strong enough without the fringe buyers who have been propping it up.
Housing has been key to Canada’s economic recovery; prices are now higher than they were prior to the recession, and construction activity has been healthy. But home sales are now under pressure from the threat of higher interest rates, and Mr. Flaherty’s latest move to curb 35-year amortizations stands to eliminate a number of potential buyers from the market.
Source: STEVE LADURANTAYE, GRANT ROBERTSON
From Tuesday's Globe and Mail
Published Monday, Jan. 17, 2011 10:11AM EST
Last updated Monday, Jan. 17, 2011 8:34PM EST
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