The Canadian government is watching the housing and mortgage market carefully, but does not see a crisis, Finance Minister Joe Oliver told Reuters.

"We're going to monitor the market, but we don't think we're confronting a crisis at this point," he said.

He noted that the government had intervened a number of times to cool the market.

Oliver also said the federal budget was well on track to achieve a surplus of C$6 billion ($5.5 billion) in the fiscal year that begins next April, on top of a contingency reserve.

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