An overvalued housing market is forcing Canada to add reforms that will slow growth and cool the market. According to the Economist, Canada's finance minister "announced rules that make it more expensive to buy an investment property, raise the financial bar that mortgage borrowers must meet, and reduce the amount that existing homeowners can borrow against equity in their home." The rules require homeowners to "stump up a deposit of 20%, not the 5% minimum required for residential properties. Homeowners who refinance their mortgages will be limited to taking out 90% of the equity in their property, down from 95% now."

A slowing housing market may help avoid some of the problems experienced by the rest of the world, in terms of debt, but it may also hurt a recovering economy in Canada as people slow their spending. … "Housing Reforms" has a significant impact, so an analyst should put more weight into it.