Oliver: No bubble in Canada

Canada’s housing market is not inside a bubble and does not need any major changes as of the moment, Finance Minister Joe Oliver has claimed.

Oliver expressed his confidence about the country’s real estate investing performance and set aside any further action to curb activity, Bloomberg reported.

“We do not see the need for major changes at this time,” Oliver was quoted as saying. “We will continue to monitor the market and make adjustments, if needed, although none are being actively considered right now.”

His remarks came as sales in Vancouver jumped 37.7 per cent to 3,541 units last month with a 12.2 per cent increase in the average price to $731,401. Toronto’s sales also rallied at 16.5 per cent and prices were up 10 per cent.

Peterson Real Estate Team

Oliver added that many of Canada’s regions have already seen a “soft landing,” or a slowdown without a major correction.

He also said that “low interest rates and economic growth in major cities will help prop up moderate growth in home sales and prices while Toronto and Vancouver will stay strong.” 

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