Ottawa, ON – June 21, 2012 – In response to the Department of Finance announcement on changes to mortgage regulations earlier today, the Canadian Real Estate Association's President Wayne Moen issued the following statement:
We believe today's announcement is a measured response to the government's often stated concern about household debt levels and the housing market. That being said, we would remind the government that the re-sale housing market makes a significant contribution to the economy, adding an estimated $20 billion in spin-off spending and over 165,000 jobs in 2012.
Recent statistics from The Canadian Real Estate Association indicate that the national housing market remains balanced. The impact of measures like those announced today must be closely monitored to ensure they have the anticipated impact and don't create a spillover effect and slow the economy.
For these reasons, going forward, we would urge the government to consider the impact of further interventions in the market carefully.
REALTORS® and the government share a common interest in the value of homeownership and its contribution to the economy and the well-being of Canadians and our communities.
Property buyers and sellers should contact a REALTOR® if they are considering entering the housing or commercial real estate markets to better understand the impact of these changes in their communities.
The Canadian Real Estate Association (CREA) is one of Canada's largest single-industry trade associations, representing more than 104,000 REALTORS® working through more than 100 real estate Boards and Associations.