Flaherty not worried about slowing house market

Flaherty not worried about slowing house market

Federal finance minister Jim Flaherty said Thursday he is not worried about the slowing house sales in some Canadian markets and isn’t planning to reverse mortgage restrictions made earlier this year.
 
Housing sales dropped significantly last month in Calgary, Victoria and Greater Vancouver compared to last year.
 
“I, for one, am not particularly concerned about the softening we’ve seen in some markets in Canada in residential real estate,” said Flaherty, who was in Calgary delivering a speech on Ottawa’s proposal for a national securities regulator. He noted that Ottawa has twice limited mortgage rules. “This is entirely intentional, to tighten the market, so that we avoid the excesses that we’ve seen in other countries. If we have to do more, we’ll do more.”
 
Though housing foreclosures in U.S. are expected to reach more than 1 million this year, Canada’s banking system has mostly withstood the recessionary effects of its neighbour to the south.
2 Comments
  • Shoibal Datta 2010-09-18 2:56:13 AM
    Makes me wonder, Who is asking to relax the current mortgage rules?? Humm.... Realtors.... Can't be... Can they??
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  • concernedcanadian 2010-09-18 6:06:20 AM
    Let's remember, this is the same finance minister that touted during the 2008 Federal Election that Canada would never see a recession, that Canada would run a surplus rather than 60 billion dollar deficit and that's Canada's jobs for the most part would be safe. This finance minister has be wrong about every single aspect of our economic from the day he has taken office.
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