20 May 2014

In his turn, Mr. Murnaghan noted that Canada adopted similar measures when Mr. Carney was there, but they didn’t work. “Is there a possibility for you to be the governor in two countries that left behind them a housing boom?” – Mr. Murnaghan asked.

According to Mr. Carney, when he left Canada, the inflation was within the target range and the economy showed the best results among the G7 nations.

In addition to it, he said in terms of valuation the Canadian real estate market is about 50% less than the housing market in the United Kingdom.

“Among the main problems of the U.K. housing market is lack of houses built in the country,” – he noted. “In case of Canada there are half as many people as in the U.K. but twice as many houses are built every year.”

Such comments about Canada are especially interesting as when he was here he pointed out that house price valuation was the issue to worry about.