Ottawa hit a budget surplus of $622 million in November as tax and other revenues increased by $971 million and program expenses dropped by $75 million. From April-November there was a $3.3 billion deficit which was smaller than the same period in the previous year’s $13.39 billion. The IMF today warned that the Federal government should be cautious with efforts to balance the budget as economic times may call for a more neutral stance. It said that the housing market in Canada is at risk from a slowdown and is between 7 and 20 per cent overvalued on a national basis.
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