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Politics : Canadian Political Free-for-All

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From: axial	2/9/2010 4:14:49 PM
	of 37757

Don't tighten mortgage rules, Ottawa urged -SNIP- House prices rose 19 per cent nationally last year, and are set to climb another 5.4 per cent this year to a record this year, according to the Canadian Real Estate Association. A confluence of factors are driving demand, including tight supply, expectations of rising rates, a rush to buy before the introduction of a new sales tax, and a rebound in confidence after people sat on the sidelines through the recession. The buying frenzy is enough to worry some top bankers, who have privately asked the government to cool the market by tightening mortgage rules – such as increasing the minimum down payment on homes to up to 10 per cent from 5 per cent and reducing the maximum amortization period to 30 years from 35. New rules from on high are not necessary, Mr. Aceto said. theglobeandmail.com Jim

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