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Ottawa increased the minimum down payment for buying a home in February to 10 per cent from five per cent for the portion of the selling price over $500,000. The federal government, which backstops companies like Canada Guaranty and Canada Mortgage and Housing Corp., a Crown corporation, that insure banks for mortgage losses, capped maximum home coverage at $1-million while the Tories were in power.

Pressure is building for the federal government to rein in housing markets in Vancouver and Toronto, which recorded year-over-year price increases of about 30 per cent and 16 per cent, respectively, in May.

The chief executive of the Bank of Nova Scotia, Brian Porter, suggested last week he was concerned about the state of the market in those two cities and his financial institution “took our foot off the gas” in the last couple of quarters, slowing mortgage growth.

Others, including the Organization for Economic Co-operation and Development, have warned about the risks rising debt and elevated housing prices in Canada.

But while Canada’s finance minister Bill Morneau did indicate his government is watching the housing market closely and is ready to take a “deep dive” into what is causing imbalances, it doesn’t appears the Liberals are set to announce more changes in the short-term.

“The deep dive includes thinking about what the drivers are. We’ve got populations with demographic issues. Toronto and Vancouver there’s higher population growth. We’ve got better labour markets in Vancouver and Toronto. It’s much lower unemployment,” Morneau said.