Mark Carney is now shrugging off concerns about Canada’s housing market.
As he steps up his battle to contain Britain’s rapidly growing house prices, Carney’s track record in Canada is coming under more scrutiny. And he’s fighting back by suggesting that Canada’s problems are peanuts next to those in the U.K.
In an interview with Sky News, Carney, the former Bank of Canada chief and current Bank of England governor, said that “we could do more” to keep a lid on the British housing market, including limiting certain types of mortgages and ensuring individuals could afford loans at much higher interest rates.
“The issues around the housing market in the United Kingdom, the longer-term structural issues I think you know, there are not sufficient houses built in the U.K.,” he added. “To go back to Canada, there are half as many people in Canada as in the U.K…twice as many houses are built every year in Canada as in the U.K., which just gives you a sense of the orders of magnitude of the supply problems.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: