YouTube/Brysen Cunning Jim Flaherty talks to the reporters August 20, 2013
Mr Flaherty has informed that the government has specific policies for the condo and housing market as it watched the same in close proximity. Steps have been taken on behalf of the government to ensure changes in mortgaging lending rules and dealing with hot housing markets. Mr Flaherty has been actively involved in the process of taking the steps. He shows no interest to interfere further.
Mr Flaherty hosts a discussion with an invited team of representatives and experts every summer. The main purpose behind the conference is to talk over what the private as well as the public sector can do to respond to the economic challenges at present. The discussion is going to be instrumental in influencing the economic statement for the fall and also the budget for 2014. This is the 7th time Mr Flaherty is organising the summer meet.
Mr Flaherty further said that the government surely have emergency plans, if required, in dealing with the current housing market. The government is definitely in a position to repeat what it has done earlier. However, he does not think it will be necessary as the real estate sector seems to be pretty stable at the moment.
The condo market in Toronto and Vancouver has been termed as "bumps" by Mr Flaherty amid the stability in the market. On the other hand, he does not think it is a matter of concern right now as measures have taken in the part to calm the market to an adequate level.
According to Mr Flaherty, Europe and U.S. should be more worried about their economic situation where Canada seems to be in a much stable position for now. Financially, Canada does not have to be concerned about its current economic status, he added.
Mr Flaherty is expected to discuss with experts about the prospect of stimulus methods in the U.S.