No Housing Bubble

The three Canadians who could be said to have the biggest influence over the country's housing market have all expressed their confidence in it.

Finance Minister Joe Oliver, Bank of Canada Governor Stephen Poloz and CMHC CEO Evan Siddall were at a meeting of G20 financial heads in Australia and all said they see no bubble in the Canadian market. But they are watching it closely.

In a speech, Siddall said CMHC research shows "there are no immediate problematic housing market conditions at the national level."

Siddall did caution, though, that action could be required if the market doesn't cool as predicted.

The Bank of Canada's Poloz repeated his concern that housing is a "vulnerability" for Canada but, he said, "we don't see the housing market as particularly hazardous and we certainly don't consider it to be a bubble."