Flaherty says no bubble in housing market

Wed May 12, 2010 12:30pm EDT
 
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OTTAWA (Reuters) - Canadian Finance Minister Jim Flaherty said on Wednesday there does not appear to be a bubble in the country's housing market and that the level of consumer defaults has not increased in any significant way.

"We watch closely the level of indebtedness of Canadians, particularly in the housing market and there is no evidence of a bubble," he told reporters.

Flaherty also said that Canada plans "very strong criminal enforcement powers" for its proposed national securities regulator.

(Reporting Louise Egan, writing by John McCrank; editing by Peter Galloway)