'What would Trump do?': Bay St. urges Ottawa to target foreign homebuyers

Saturday Jun 04th, 2016

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Canada’s federal government is prepared to take further action against skyrocketing Vancouver and Toronto home prices, but Bay Street is split on whether Ottawa should. More than three dozen of the country’s most well-known money managers were surveyed by BNN about whether further intervention is needed to cool Canada’s two hottest housing markets. Only about half – 19 out of 39 regular guests on Market Call and Market Call Tonight – said yes, with 16 saying no, and four warning the government would need to tread carefully. Ottawa has already increased the minimum down payment required for homes costing more than $500,000; although the changes appear to have made little difference with prices in both the Vancouver and Toronto markets continuing to reach record highs. Two of Canada’s most prominent bankers – the CEOs of Bank of Nova Scotia and National Bank – have both publicly urged this week for another increase to the amount of money homebuyers must pay up front.

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