But money from foreigners buying individual homes"seem to be associated with higher house prices in the short term and more downside risks to house prices in the medium term in advanced economies," the report said.
The foreign buyers' taxes provincial governments introduced for the Toronto and Vancouver areas"might alleviate overvaluation pressure in these housing markets and reduce downside risks," the IMF report said. That is what Canada's banking regulator, OSFI, did when it introduced a mortgage stress test that requires borrowers, in effect, to qualify for a mortgage at a rate that is two percentage points higher than the one they are being offered.
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