Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

Canada, provinces discuss whether more housing action needed

share with twitter share with LinkedIn share with facebook
share via e-mail
0
06/20/2017 | 12:32am CEST
Canada's Finance Minister Morneau takes part in a news conference in Ottawa

Canada's Finance Minister Bill Morneau said on Monday he had discussed with his provincial counterparts whether more actions are needed to ensure the stability of the country's housing market.

The federal government acted last year to tighten mortgage lending rules to rein in Canada's housing boom, while British Columbia and Ontario have implemented taxes on foreign buyers in Vancouver and Toronto, respectively.

Morneau told reporters he had shared with provincial finance ministers the Finance Department's view on "the continuing importance of monitoring the housing market, the need to make sure that we remain vigilant, and consider whether there is additional actions required to best assure the stability of that market."

Morneau said the government was continuing to watch the situation at non-bank lender Home Capital Group Inc, which looks to be "working its way through its challenges" and called its recent settlement with the Ontario Securities Commission (OSC) "positive."

Home Capital last week agreed on a settlement with the OSC and accepted responsibility for misleading investors about problems with its mortgage underwriting procedures.

Depositors have withdrawn 95 percent of funds from Home Capital's high interest savings accounts since March 27, when the company terminated the employment of former Chief Executive Martin Reid.

Morneau said top policymakers at the Bank of Canada told the gathered finance ministers that the economy was doing better than had been expected a few months ago.

The federal and provincial governments also discussed the need to keep the tax rate on recreational marijuana low and have a coordinated approach across the country, though ministers did not discuss revenue estimates, Morneau said.

"Revenue shouldn't be our driving goal," said Morneau.

Canada is on track to legalize recreational marijuana by next summer, though the federal government has left the details of how the drug will be sold up to the provinces.

The Liberal government has said legalizing marijuana will keep it out of the hands of children and reduce drug-related crime. It also wants to keep the sale price low enough that users will not turn to the black market.

(Reporting by Leah Schnurr; Editing by G Crosse and James Dalgleish)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
08:48a CREST VENTURES : acquires 6 lakh shares of CWMPL
08:48a INFOSYS : to pay USD 1 mn to settle visa violations case
08:35a INTERRA RESOURCES : Promoting drowning prevention
08:35a FEDERAL HOME LOAN MORTGAGE : Long-term US mortgage rates slip this week
08:32a POLICE : Prescription drugs stolen from Walgreens pharmacies in Fullerton and Orange
08:29a ADAMS NATURAL RESOURCES FUND : UNN Gets New Geology Dept Building from Platform Petroleum
08:20a TURK HAVA YOLLARI AO : BA debacle sees couple spend wedding night on an airport bench
08:20a Tech giants face no contest when it comes to competition law
08:20a MALVERN INTERNATIONAL : # (MLVN) – U/R – FY2016 results show narrowing loss; implementation of strategic plan (Flash Light from WHIreland)
08:15a BARCLAYS : I sent money to a friend using Barclays’ Pingit app, but it never arrived
Latest news
Advertisement
Hot News 
18.96%IMAGINATION TECHNOLOGIES : U.K. Chip Designer Puts Itself on Block -- WSJ
-5.33%GLOBAL LOGISTIC PROPERTIES : Says It Remains in Talks With Shortlisted Bidders
-12.28%BlackBerry misses sales forecasts, shares tumble
-1.23%Harley-Davidson Discussing Purchase of Italian Rival Ducati From VW
1.40%BOEING : Is Top Seller at Paris Air Show -- WSJ
Most Read News
06/24 BEIJING ENTERPRISES : Anichebe joins Chinese side Beijing Enterprise
06/24 Internal dossier criticises Audi top management - Bild
12:10a INFOSYS : Finalising System for Capital Allocation Plan
06/24 EXPONENT : 9th International Fresenius Conference – Pesticide Residues in Food
06/24 IREN : Engineering services
Most recommended articles
06/24 INTERNAL DOSSIER CRITICISES AUDI TOP MANAGEMENT : Bild
06/24 Lufthansa wants to help, not take over, Air Berlin - Bild
06/24DJMARKET SNAPSHOT : Want To Know Where The Stock Market's Headed Over The Next 6 Months? Don't Ask OPEC
06/24 RAYTHEON : CEO of Raytheon's Forcepoint eyes IPO - Boersen-Zeitung
06/24 Volkswagen's Slovak union says close to wage deal to end strike