Poloz warns ‘froth’ could return to Canada’s housing market [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Governor Stephen Poloz cautioned a Vancouver audience about the risks of "froth” returning to the housing sector, saying that the central bank is watching for signs that the renewed strength in housing in provinces such as British Columbia could reignite speculation in those markets. In remarks at the Greater Vancouver Board of Trade’s Economic Outlook Forum Thursday, Mr. Poloz attributed the return of strength in housing – particularly in B.C., Quebec and Ontario – to a combination of healthy employment and wage growth, and immigration-driven population gains. That is driving “fundamental demand” that, he said, “appears to be outpacing our ability to build new homes, which can put renewed upward pressure on prices.” However, he cautioned, “We will be watching for signs of a re-emergence of extrapolative expectations returning to certain major housing markets – in short, what we call ‘froth.’ ” Story continues below advertisement His comments echoed similar warnings he issued in 216,
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