Canada Guaranty Boss Advices To Have Mortgage Rules On Hold

The CEO of mortgage insurer Canada Guaranty suggests that the new mortgage regulations that have been introduced should be reviewed to see how well it can serve the people of Canada before being endorsed.

Andrew Charles spoke to a news reporting site that those purchasing homes for the first time are already going through a hard time before owning a home, and they are not to be blamed for the increasing price of housing in the blazing markets, the likes of Vancouver and Toronto.

He commented; “Regulatory changes over the last few years have made the first-time home buyer a very modest player in the overall Canadian housing market.”

Earlier this month, the CEO of CMCH, Evan Siddal said the average down payment for purchasing a house should be increased in order to have control over price appreciation and the financial risk posed at the market, however Charles said those measures will affect the wrong buyer and will impact minor markets.

He also cautioned that any additional changes will have a negative impact on Vancouver, with the activity already cooling down as they slope into a sharper correction.