Finance Minister Joe Oliver says the federal government could take “moderate steps” to address Canada’s strong housing market as he began two days of meetings on Sunday with his provincial counterparts.
The two-day gathering is also expected to reveal the latest figures on federal transfer payments to the provinces as well as explore the effect of plunging oil prices.
On his way to the first meeting, Oliver was also asked about Canada’s rising household debt and the country’s potentially overvalued housing market — two risks repeatedly raised by the Bank of Canada.
“In terms of household debt and the real-estate market, this is a subject, of course, we’re monitoring very carefully,” said Oliver, who reiterated his position that there is no housing bubble.
“So, we’re not going to take any dramatic steps in that regard, but we may take some moderate steps.”
Oliver did not elaborate and added his department had yet to make a decision on this subject.