Canada Real Estate Market and Stephen Poloz

Stephen Poloz: The central banker made the assessment after that release of the latest semi-annual financial system review, a kind of stress test on financial weak spots that suggests a crash in Canada real estate market would have devastating impact on the economy, according to Times Colonist. Still, Poloz told reporters at a news conference following release of the report Thursday that he believes the worst won't happen and Bank of Canada governor Stephen Poloz still believes the housing market is due for a soft landing but warns: look out if it crashes. And such a crash could be triggered by a number of events a recession that causes widespread unemployment, rising interest rates and even global shocks like failures in China opaque shadow banking system. All such events would dampen growth and cut demand and prices for Canadian resource exports. (www.immigrantscanada.com). As reported in the news.