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The memo cites a 20.9-per-cent jump in the number of insured mortgages with low down payments in Vancouver. (DARRYL DYCK For The Globe and Mail)
The memo cites a 20.9-per-cent jump in the number of insured mortgages with low down payments in Vancouver. (DARRYL DYCK For The Globe and Mail)

Ottawa aimed to tread lightly with new mortgage rules, documents show Add to ...

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Ottawa was concerned about the potential of triggering a housing market slowdown when it opted only to modestly increase minimum down payments on more expensive homes late last year, new documents show.

“Measures are needed to limit risk in the housing market, reduce taxpayer exposure and enhance long-term stability, but without being a significant drag on the housing market and economy,” Department of Finance officials wrote in an internal memo to Minister of Finance Bill Morneau last November, little more than a month after the federal election.

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The Department of Finance partially released 18 out of 635 pages of documents related to housing and mortgage industry regulations that The Globe and Mail requested under Access to Information legislation.



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