The Globe and Mail reports in its Tuesday edition that Canada's largest banks and developers are urging Ottawa to help young 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. The Globe's Rachelle Younglai writes that 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 at Bank of Montreal. Although home prices and rental rates have declined over the past four years, many Canadians remain unable to afford housing. The new condo sector is in a slump, with presales down significantly, leading to job losses across the real estate industry. BMO, along with other big lenders and major homebuilders released the report, which was endorsed by RBC, CIBC, BMO, TD and Scotiabank. The report recommends reforms to the mortgage stress test. The report said the test should be more flexible and account for differences in mortgage lengths and current market conditions.