Canadian Mortgage Broker News – Flaherty not worried about slowing house market

Flaherty not worried about slowing house market

| Friday, 17 September 2010

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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.

 

 

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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