4 big changes to Canadian mortgages

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In July, a host of regulatory changes governing Canada's mortgage market went into effect, all of which were designed to temper what the government considered was a national housing market in danger of overheating. After the implosion of the housing bubble and the disastrous deflation of home prices in the United States and other global economies, regulatory agencies everywhere have become more astute stewards of residential lending practices, ready to swoop down like superheroes to make sure everything is right in the world. However, even in the comic book universe, superheroes are not equally esteemed. The same seems to be true in Canada with its finance ministry. Not all Canadians agree the regulatory changes were needed. I spoke to the chief executives of two of the major residential brokerage companies in Canada and there seemed to be little concord about the recent moves to slow what could be an impending housing bubble. Ross McCredie, president and CEO of Sotheby'...