Bank of Canada Governor Stephen Poloz debunks fears of a housing bubble in the country amid overvaluation estimated from 10% to 30%.
“We don't think we suddenly became over-valued in a bubbly type way. We don't think of this as a bubble in any way," he told a business audience in New York.
Poloz echoed portions of the analysis published by the central bank titled Financial System Review. It said previous major housing corrections came with rising inflation pressures, rising interest rates and unemployment and slowing growth.
"We have none of those present," he said.
The Financial System Review was published on Wednesday.
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