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Jun 8, 2016
, BNN Bloomberg
Finance Minister Bill Morneau said on Wednesday the federal government is open to more intervention in the country’s housing market, but stopped short of calling it a bubble.
Morneau, speaking at The Economist Canada Summit in Toronto, said Ottawa is conducting a “deep dive” to examine drivers in the housing market, including whether foreign investment is fueling surging home prices.
“We’re considering all the evidence to ensure Canadians can buy homes,” Morneau told reporters after his talk at the conference.
John Manley, president and CEO of the Business Council of Canada, told BNN in an interview that the housing market is suffering from a supply issue.
“I think at this point many [CEOs] are still saying what you’re really dealing with in these markets is supply and demand,” he said. “Until supply meets demand, you are going to see price pressures.”
Morneau said Ottawa will weigh new policy moves to keep Canada’s real estate market “healthy,” but did not indicate a timeline on when the government would take action.
He also acknowledged how difficult it’s become for some Canadians to buy a home.
“Very clearly in Canada this is a huge issue… People aspire to be able to buy a home. If you’re in Vancouver today, it’s challenging for people to think about how they can get into the market, and how their children can get into the market,” he said.
“So it’s a very real issue for Canadians. But we recognize it’s a complicated issue.”
The summit, broadcast in partnership with BNN, is exploring Canada's role in the global economy and how the country can become more competitive.
