'Housing market measures hurting, not helping first-time buyers'
The federal government's tougher mortgage lending rules and the British Columbia government's affordable housing measures are working against each other. Ultimately, these moves will hurt first-time buyers the most, says a senior real estate executive with a leading Vancouver-based firm.
Canada's banking regulator, the Office of the Superintendent of Financial Institutions, says it wants to reduce the risk of mortgage defaults due to high levels of household debt. But applying stricter lending guidelines is making it more difficult for home buyers to access mortgage funds, says Dan Scarrow, vice-president at Macdonald Realty.