Canada Tries To Get In Front Of The Housing Bubble
Sober Look | Jun 22, 2012 03:29AM ET
Responding to the criticism that WSJ : "I remain concerned about parts of the Canadian residential real-estate market, particularly in Toronto but not only in Toronto," Mr. Flaherty said at a news conference. "That's why we are intervening once again…My judgment is we need to calm the condo market in a few Canadian cities."
He said his decision came after evidence indicated there was "excessive" demand for property in some markets, and in Toronto there was "overbuilding" of condos, which he added was distorting the real-estate market.
This is the right move. If the US authorities took similar steps in 2004-2006, things would have turned out quite differently.
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