OTTAWA (Reuters) - The Canadian housing market is likely to continue cooling off in the next few years, Bank of Canada Governor Mark Carney said in an interview broadcast on Friday.
Canadian home prices grew at the slowest pace in three years in December year-on-year, and housing starts fell more steeply than expected in January. Ottawa intervened last year, making it tougher to take out a mortgage.
“We’ve seen adjustment in the housing market, we think there’s a bit more to come in the next few years. Again, I think Canadians have listened to the message and they are adjusting,” Carney told CTV.
Reporting by David Ljunggren