Speaking at the recent Economic Club of Canada, an annual panel discussion including several experts, TD Bank economist Craig Alexander said overvalued housing and high consumer debt levels could force the federal government to change mortgage rules.

"If we see the housing market surprise on the upside and debt growth surprise on the upside, then the government will likely take action to further tighten mortgage insurance rules," Alexander said, according to the Huffington Post.

Alexander believes the most likely scenario would be the decreasing the maximum amortization period for a government-insured mortgage from 30 years to 25 years, the report said. Furthermore, Alexander said prospective homeowners who can't afford a 25-year mortgage against a 30-year agreement probably aren't in a financial position for home loans anyway.

With the housing market looking potentially unstable in the near future, experts say Canadians should collaborate with mortgage brokers and use a mortgage calculator before purchasing a home.