Prime Minister Justin Trudeau has ordered Finance Minister Bill Morneau to take another look at the mortgage stress test, which Canada’s real-estate industry has criticized for dragging down the housing market.
The insured test was brought in by the finance ministry, while the uninsured one was instituted by a federal banking regulator, the Office of the Superintendent of Financial Institutions. It is unclear what test the mandate letter refers to, but both can require borrowers to qualify for loans at higher rates than the one on their contract, as it is intended to ensure buyers can meet their obligations to lenders if interest rates rise.
“This would involve working with provinces, territories, municipalities and law enforcement to track housing ownership and speculation,” the letter states. Another tax cut is to be delivered to firms that make “zero-emission” technology. Morneau will cut tax rates by 50 per cent for these companies, according to the letter.
Reacting to feedback from CMHC_ca and Canada banks Typical reactionary panic
Aladdin Watch 2019 Team Train Wreck! 🤡 2.0 TrudeauJr PeterPanPM MagicKingdom
Another win for Canadas minority government and clipping the dictatorial wings of the LPC! The Min. of Finance is actually listening to and acting in business interests rather than continuing his role as a sock puppet for the McGill debate team in the PMO,
All going down in flames anyways...party on...
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