The changes to regulations which required greater mortgage downpayments introduced earlier this year appear to have done little to cool the housing market. Some experts are not convinced that finance minister Bill Morneau’s calls to ‘wait and see’ will result in any improvement.

In a BNN interview Friday Mr Morneau said that the new regulations were still in their infancy and that change is expected later. However, UBC professor Tsur Somerville told The Huffington Post Canada that it's "going to have less of an effect than in places where the economy is weaker."

A recent report by CIBC was also skeptical about how effective the new measures would be, suggesting that just 3.9 per cent of mortgages would be affected.

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