Canada's Oliver does not see a housing or mortgage crisis

Wed May 21, 2014 5:25pm EDT
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OTTAWA (Reuters) - The Canadian government is watching the housing and mortgage market carefully, but does not see a crisis, Finance Minister Joe Oliver said on Thursday.

"We're going to monitor the market, but we don't think we're confronting a crisis at this point," he told CTV News.

He noted that the government had intervened a number of times to cool the market.

Oliver also said the federal budget was well on track to achieve a surplus of C$6 billion ($5.5 billion) in the fiscal year that begins next April, on top of a contingency reserve.

(Reporting by Randall Palmer. Editing by Andre Grenon)

Canada's Finance Minister Joe Oliver speaks during Question Period in the House of Commons on Parliament Hill in Ottawa May 13, 2014. REUTERS/Chris Wattie