Prices are 3-4 times higher in Vancouver & Toronto than average house prices in the United States and more than double their historical average price ratios.
New Mortgage Rules Apply the Brakes to Rising House Prices
Last July 9th. Finance Canada announced changes to the Canadian mortgage market which included a reduction in the maximum amortization period for insured mortgages to 25 years from 30 years; as well as a reduction in the home mortgage loan to value ratio to 65% from 80%. Not only, did it represent the fourth intervention in the rules governing the Canadian mortgage market in as many years, but also, these were the changes which had the biggest market impact. Potential first-time home buyers, who in a typical housing market