Government of Canada
As finance minister at a time of excitement and uncertainty for the Canadian economy – marijuana legislation, trade disputes with the US and a tepid oil industry will all have an effect in the next 18 months – Bill Morneau has devoted much of his attention to the Canadian housing market.
While the March 22 federal budget did not mention the eroding affordability in either Vancouver or Toronto, Morneau has publicly committed to making billions of dollars available for social and affordable housing across the country. He was also instrumental in rolling out the changes to nationwide mortgage guidelines in October 2016, which appear to have removed a number of first-time buyers from the market.
If the Canadian economy slips and the amount of mortgage debt being carried by Canadians threatens to send the country into a tailspin, it is ensured that housing will become an even greater concern for Morneau