The Canadian Real Estate Association (CREA) previous forecast published in September identified changes to mortgage rules as a key downside risk. Indeed, this risk materialized in October when tighter mortgage regulations that take effect next year were announced. Among other things, the new rules make it tougher for would-be homebuyers with more than a 20% down payment to qualify for a mortgage. Recent research by the Bank of Canada suggests that once they come into effect, tightened... [read more]