Ottawa is moving to curb risk in the housing market.
Finance Minister Bill Morneau says measures include changes to the principal residence tax exemption, which will now only be available to Canadian residents -- and families will only be allowed to designate one home as their primary residence.
Ottawa will also beef up rules for insured mortgages to ensure that borrowers don't take on more debt than they can handle if interest rates go up or their income drops.
The changes come amid concerns housing costs in Toronto and Vancouver have become unaffordable for many Canadians while foreign investors buy homes and flip them for a quick profit.