Canada mortgage sector in cyclical downturn: Harper

Tue Mar 3, 2009 2:40pm EST
 
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OTTAWA (Reuters) - Canada's mortgage sector is in a cyclical downturn, but is not facing the same kinds of problems as its counterpart in the United States, Prime Minister Stephen Harper said on Tuesday.

"In the United States they are spending tens of billions of dollars to deal with the problems in their mortgage sector. We do have a cyclical downturn in our mortgage sector but nothing that requires a massive government bailout package of that particular sector," he told Parliament.

(Reporting by David Ljunggren; Editing by Peter Galloway)