Warning for Canadian housing market
In an interview last week the boss of the Bank of Canada voiced his concern about certain areas of the market for property in Canada.
In response to questions regarding the likelihood that the country was in the middle of a housing bubble BoC Governor Mark Carney expressed his concern at the level of prices of condominiums in several major cities.
For instance in Toronto, where there has been a huge uplift in the construction of condo accommodation prices have leapt by more than 10 per cent over the last twelve months. House and apartment prices in Vancouver, although slightly down from a year ago make the city the most expensive property throughout the country.
Financial experts are keeping a close eye on the price of property in Canada and banking chiefs have hinted at the possibility of raising interest rates to cool the housing market if prices are deemed too high.