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Flaherty takes credit for cooling housing market

Posted on 05 December 2012

Canada’s finance minister is taking credit for the recent cooling in the hot housing market, saying a slowdown now is better than a crash later. Jim Flaherty was reacting to the sudden loss of momentum in the Canadian economy and the role housing, with the sector contracting 3.5 per cent annualized in the third quarter, is playing.
The government moved for the fourth time in as many years to tighten mortgage availability in July, resulting in a sharp reduction in housing activity, resales and even lower prices in some markets………………………………………..Full Article: Source


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