Canada is not alone in being at risk of a housing bubble. The high prices, low interest rates conditions we have are replicated in many countries, most vividly in the UK. Today, the deputy governor of the Bank of England has warned that the housing market is the ‘biggest risk’ to the UK economy. With London in particular seeing huge price rises, the fastest rises since 1987, and with young singletons being unable to afford to buy in the city, the central bank has been trying to cool the market, but so far measures haven’t seen an impact. Many Canadians will be keen to see what former Bank of Canada governor Mark Carney can do overseas, in case we need to take similar action here in the coming months. Read the full story.
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