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It “was created to deal with the unstable real estate markets in Vancouver and Toronto where red flags have been raised in recent years regarding the combination of unsustainable price appreciation and high-debt ratios,” Chahal’s notice of motion states.

But he pointed to “unintended consequences” outside those cities, including the slowing down of Calgary’s real estate market. There was also a reduction in construction and development which led to fewer jobs, an overall drop in Calgary homeowners’ property valuations, and a lower GDP, the notice of motion states.

“They brought in the stress test because of the fear that price of houses was going to rise extremely well in other markets, as well as making sure that people are able to survive if interest rates went up fairly fast,” said Coun. Shane Keating.

“If you’re attempting to apply a single rule across the board because of a few situations that may not apply across Canada, then certainly we should be able to look at it slightly different in this regard.”

He said the existing rules hurt an already struggling local economy.

“When you’re talking about trying to rebound, every time you have a hurdle placed in front of you for that economy . . . then it just stays where it is,” Keating said.

Coun. Joe Magliocca said a localized approach could “provide a lot of jobs and get our construction going again.”

“I understand why they do it in Toronto and I understand why they do it in Vancouver because of their economy there, but they should not be equal all throughout Canada,” Magliocca said.