September 1st - 2011

MARKET WATCH: More moderate housing market predicted

An unusually rapid recovery in the Canadian housing market played an important role in ensuring that Canada’s recession, although sharp, was also short, according to Bank of Canada Governor Mark Carney.

An unusually rapid recovery in the Canadian housing market played an important role in ensuring that Canada’s recession, although sharp, was also short, according to Bank of Canada Governor Mark Carney. He anticipates moderation in the housing market, but warns that while affordability remains favourable, this is largely because interest rates are unusually low. With monetary policy being set to meet inflation targets, institutions should not be lulled into a false sense of security by current low rates and households should be prudent in their borrowing, he advises. Visit www.bankofcanada.ca, click on Media Room and scroll to Press Releases.

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Ontario Real Estate Association

Jean-Adrien Delicano

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