Reuters: Regulatory News: Cooler Vancouver housing market welcome- Flaherty

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Cooler Vancouver housing market welcome- Flaherty May 25th 2012, 15:08 By Claire Sibonney OSHAWA | Fri May 25, 2012 11:08am EDT OSHAWA Ontario May 25 (Reuters) - Canadian Finance Minister Jim Flaherty said on Friday he welcomed signs that Vancouver's housing market is cooling, but signaled concern that Toronto is still hot. "It is good to see some moderation. That means that people are paying down their debt more quickly. And there's also some moderation in the housing market, which is the major source of indebtedness for most people in Canada - the mortgages on their homes; some moderation on the West Coast in Vancouver. I'm not seeing that kind of moderation in the Toronto market yet," he told reporters after giving a speech. He said he expected modest economic growth this year in Canada and the United States, and did not expect that the European debt troubles would result in recession in Canada. If there were to be any contagion spreading from Greece to Canada, it would be in disruption to the credit markets, he said.

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