BoC talks about corrections in some housing markets
In the Bank of Canada’s economic outlook on Wednesday it reiterated its concern about the housing market, saying that it still expected a soft landing for most regions. However as the bank confirmed that interest rates were holding steady at 0.75 per cent it sounded a warning about corrections in some markets. Alberta’s oil industry downturn is a factor for concern but so is the growth of prices in Toronto and Vancouver. The BoC noted that if there was to be a correction in prices in those markets it shouldn’t spill over into other regions but that it would be “a major event” if it did.