Ottawa has announced new rules aimed at limiting foreign money into Canadian real estate and ensuring that borrowers take on mortgages they can afford. Toronto real estate lawyer Bob Aaron says the move is a reasonable step to prevent tax leakage. Today’s #housing measures bring consistency to mortgage rules, reduce risk fortaxpayers and ensure everyone is playing by the rules. Anyone who already has a mortgage, or who has already applied for mortgage insurance, is exempt from the new rules, which will formally kick in on Oct. 17. This summer, Vancouver slapped a 15 per cent surtax on foreign buyers in an attempt to cool runaway price inflation.

Source: CBC News October 03, 2016 13:53 UTC