Stephen Poloz: Housing Market

housing market: The central banker, testifying before the Senate banking committee on his latest economic outlook, said he believes the most likely scenario is a soft landing where home prices stabilize, although he acknowledged that an imbalance in the market and high household debt remain key risks, according to CTV. "Our judgment is the housing market is a situation that is improving, this is not a bubble that exists here that would have to be corrected," he said. "If there is a disturbance from outside our country that's another analysis." OTTAWA -- Canada's housing market is not in a bubble and not likely to suffer a sudden and sharp correction in prices unless there is another major global shock to the economy, Bank of Canada governor Stephen Poloz said Wednesday. Poloz used the testimony to pointedly disagree with a couple of forecasting organizations that weighed in this week on the Canadian situation -- the Fitch Rating service that judged Canada's housing market as 21 per cent overpriced, and an OECD recommendation that he start raising interest rates in a year's time. (www.immigrantscanada.com). As reported in the news.