Earlier this week there was a welcomed announcement from Finance Minister Jim Flaherty.
After two consecutive years of tightening mortgage rules, Minister Flaherty has announced that he won’t be making any more changes in the near future, stating that his priority right now is the federal budget, after the Conservatives came away with a majority government.
The Minister said that he’s had to step in three times and there’s no need for any more involvement because the market appears to be moving in the right direction. He also noted that he doesn’t believe there were any unintended consequences to the housing market or economy from the measures taken during the crisis to keep the country afloat.
He said that he kept a close eye on the housing market and decided to step in when he felt like it was required and concerns of risk were high.
Flaherty said his government will present a slightly revamped budget in June. It will be changed to reflect an economic update and may include some items from the election platform, but will be largely the same budget he presented in March, he said.
Flaherty voiced his concerns over the raging conflicts in the Middle East and Northern Africa, sovereign debt issues, as well as the natural disaster in Japan which has caused blips in the economy.
It is evident in both the local and national markets that the market has been softening as of late, hopefully heading off a housing bubble, and also in which the dramatic increase in prices have pushed many marginal buyers out of the picture.
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