May 4, 2017 / 9:22 PM / 2 years ago

Bank of Canada says rising housing prices in Toronto unsustainable

FILE PHOTO -- Bank of Canada Governor Stephen Poloz speaks during a news conference in Ottawa, Ontario, Canada, January 18, 2017. REUTERS/Chris Wattie/File Photo

MEXICO CITY (Reuters) - Bank of Canada Governor Stephen Poloz said Thursday that rising housing prices in Toronto are driven in part by speculation and are not sustainable.

In a speech to business leaders in Mexico, Poloz added that he hopes that macro-prudential rules that the government has put in place will help to calm the housing market.

Reporting by Anthony Esposito

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