Ottawa will continue to monitor housing market: Finance Minister Bill Morneau

THINK OUTSIDE THE BOX:  Federal Finance Minister Bill Morneau says Ottawa will continue to act to make sure that an increase in interest rates or a downturn in home prices don’t risk the country’s economic growth.

Morneau says that means ensuring that household debt levels are sustainable and that lenders are behaving prudently.

While addressing the Toronto Region Board of Trade, Morneau said he’s “ultimately responsible” for maintaining the stability of the country’s financial system.

He pointed to recent measures introduced by Ottawa with regards to the housing market as examples of ways he is striving to maintain that stability.

The government has announced several moves to address soaring home prices, particularly in Toronto and Vancouver. They have included new rules governing insured mortgages and higher minimum down payments for homes more than $500,000.

The minister says the government doesn’t currently have any more specific housing-related measures that it plans to enact, but will keep monitoring the situation.

The Canadian Press      October 31, 2016

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