Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexEconomic EventsPress releases

Canada, provinces discuss whether more housing action needed

share with twitter share with LinkedIn share with facebook
share via e-mail
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Depositors have withdrawn 95 percent of funds from Home Capital's high interest savings accounts since March 27, when the company terminated the employment of former Chief Executive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
Latest news "Economy & Forex"
09:03a DEPARTMENT OF TREASURY AUSTRALIAN GOVERNMENT : Small business, consumers central in transition to dispute resolution
08:52a Italy, France, Germany ask EU to boost powers to block foreign acquisitions -reports
08:48aDJWHAT'S NEWS : World-Wide -- WSJ
08:48aDJWHAT'S NEWS : Business & Finance -- WSJ
08:43a ISE IRISH STOCK EXCHANGE : Petrofac sells stake in Pánuco contract
08:43a 4LIFE RESEARCH LLC : Indonesia Launches Seven Products
08:33a MINISTRY OF DEFENSE OF ISLAMIC REPUBLIC OF AFG : Press office Release Number 252 Date Aug 21, 2017
08:33a Oil prices rise on signs of gradually tightening market
08:32a Oil prices rise on signs of gradually tightening market
08:28a MINISTRY OF FOREIGN AFFAIRS AND TRADE OF REPUB : ROK Plays Leading Role in Devising Asia-Pacific’s New Rural D...
Latest news "Economy & Forex"