Canada Cools Its Housing Market—but Frustrates Home Buyers
Moves to reduce speculation and huge household debt limit purchasers’ reach, but mortgage chief thinks controls aren’t tough enough
TORONTO—Brandon Chapman has joined with a childhood friend to buy a home in Vancouver’s expensive housing market. The 28-year-old financial planner hasn’t been able to find a home he wants at a price he can afford on his own, despite searching for two years.
He isn’t alone. Tougher rules for new borrowers, rising mortgage rates and new taxes for home buyers have been put in place by Canadian regulators in recent years to tame some of the most overheated housing markets in the developed world. But they have also shut prospective...