Last week the news agency Reuters took a poll of 14 economists and strategists to get their views on the Canadian housing market.

The verdict? Prices will not suddenly crash, but the Canadian government will make it more difficult for many homebuyers to get mortgages this year.

Ten of the fourteen polled answered yes when asked whether Ottawa would tighten mortgage rules within the next 12 months.

Steps that the government could take include raising the minimum down payment to buy a home from the current 5 per cent or reduce the maximum amortization period from 30 years.

Such a move would likely come before the prime spring real estate season (read: sooner, rather than later).

In a Reuters article economist Benoit Durocher speculated that the action would occur “sometime between now and the next budget.”

The Canadian government is expected to unveil the budget in late March.

Nothing beats a good budget to clear up what ever is left of those winter blues, right? Right!

 

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