From the Epoch Times:
"The Bank of Canada reiterated its expectation for Toronto’s raging housing market to cool due to the effects of stricter mortgage insurance eligibility, high levels of household debt, and higher long-term borrowing costs in its Monetary Policy Report (MPR) released April 12.
"'Increased macroprudential regulation, if GTA house prices continue on their current path, would be the appropriate approach,' said Oxford Economics senior economist Oren Klachkin in an email. 'Perhaps the Ontario provincial government needs to consider a foreign homebuyer tax credit similar to what Vancouver implemented last year.'”