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New rules to be closely monitored by Toronto Real Estate Board

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New rules to be closely monitored by Toronto Real Estate Board

Toronto Real Estate Board made a decision to thoroughly monitor new mortgage rules, which were introduced yesterday.


According to these regulations, the average cost of real estate in Toronto grew 20% in September compared with the same period last year, the Star reports on Tuesday.

The changes, intended to prevent consumers from taking on too much debt, include a “stress test” on all new insured mortgages and stricter tax exemption laws for real estate.

According to the press release of Toronto Real Estate Board, the effect of the demand for housing is considerably broadened in the Toronto region due to the supply shortage, what will not be necessarily addressed by the government measures.

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