13 June 2014

Joe Oliver explained his position, saying CMHC predicted a soft landing for the Canadian housing market and that the government will keep monitoring the market, meanwhile decreasing its influence on the industry.

“We don’t see a significant problem here right now,” – he added.

Answering the question whether the government had unofficial talks with private lenders asking not to lower the rates, the Finance Minister said: “We do not interfere with the housing market – neither directly, nor indirectly”.

According to Mr. Oliver, the government gradually tightens the rules with the help of CMHC and reduces its involvement, and this scheme supports the market and protects Canadian tax payers.

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