Canada’s largest banks and developers are urging Ottawa to help first-time homebuyers with their down payments, relax mortgage requirements and provide low-cost financing for homebuilders, as part of a set of recommendations to improve the housing market. With the country’s real estate downturn dragging on, a group of lenders and developers is suggesting four key areas that need changes: long-term investment, credit risk, immigration policy and housing data. “We want to increase housing affordability across Canada,” said James Burrow, Bank of Montreal. …BMO, along with other big lenders and major homebuilders such as Mattamy Homes Ltd. and Wesgroup Properties, released the report called the National Housing and Investment Initiative on Tuesday. It is designed to help inform Ottawa’s housing policies, which include doubling housing starts to nearly 500,000 units per year. …The report said if Canadians cannot access easier financing for new homes, homebuilding “will continue to be constrained.” [Access to full story requires a subscription to the Globe and Mail]