Carney: some Canadian property likely overvalued

Some properties in Canada are “probably overvalued,” according to Bank of Canada Governor Mark Carney. The country’s chief central banker made the statement in an interview with CTV’s Question Period, which was broadcast on Sunday, adding his voice to worries that a housing bubble could be forming in the country. “There are risks out there. We’re watching it closely,” he said, quoted by the Reuters news agency. Carney added that the central bank is working with financial institutions and the federal government to keep the situation under control. Ottawa has already ramped up mortgage regulations. On Jan. 17, Finance Minister Jim Flaherty said the federal government is ready to step in and intervene in the housing market if necessary.

Reuters