The CEO of the Bank of Nova Scotia says that concerns over a housing bubble are overblown and the word ‘bubble’ is overused.
Brian Porter says that credit growth is modest and the job market is stable and he believes that the bank’s exposure to the market has been well monitored and stress-tested. Porter says that Bank of Nova Scotia’s mortgage book of $200 billion can withstand interest rate rises or large increases in unemployment.
He says the biggest challenge to the Canadian economy is maintaining its exports by ensuring good networks and he warns against being complacent.
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