"There is no bubble in the Canadian housing sector."
That’s what Jim Flaherty told reporters in Calgary yesterday. He says there is concern with the longer amortizations, and home purchases with little or no money down (hence the changes made last week to government-backed mortgages) but "Flaherty said he isn’t fretting about the health of Canada’s banks, even as subprime mortgage woes hammer financial institutions in the United States."
He also said that while the economy is going through "turbulent" times "our economy is strong."
