Canada's new finance minister Bill Morneau is a man of mystery
The Canadian Finance Ministry has been dropping little hints of impending announcements on their website and the interwebs have been awash with rumour and conjecture
At least 4 people (writing and reading) ForexLive have been sucked into the excitement of what would unfold
Well all has now been revealed
Canada will now be raising the minimum down payment amount on homes to 10% from 5% as of Feb 16th next year. The rules will come into effect for properties above C$500k
It's a move to try and keep a grip on the housing market and looks to be a leaf taken out of the BOE book. Low down payments in the UK were a big reason behind a lot of people getting stung over the crisis. Many borrowed well outside of their means and with small deposits as property market prices went into overdrive. The new rules have now helped reduce a lot of that risk and Canada looks to be following suit
