Bank of Canada chief, Mark Carney, says there is no housing bubble in Canada.

“We are following it closely but we would not characterize the current state of the housing market in those terms,” he said yesterday.

In reference to the need for further mortgage restrictions, Carney said: “We’ve seen the strength of the system of mortgage insurance…It’s allowed our housing market to weather the storm.”

“I must say we don’t see a need for structural change in the mortgage market.”

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