New rules finalized
Rules, not rates, are how the housing market is controlled in the future.
In the past 6 months, it's been one new rule after another for Canadians. Today regulators financed a rule that would make borrowers qualify at 2 percentage points above the contract rate, even if they put 20% down.
TD economists estimate the new rules will depress housing demand by 5-10%. On prices, they expect a 2-4% drag.
These rules are hitting a market that is suddenly cool, so risks abound.
