Housing market risk is contained says deputy governor

The deputy governor of the BoC says that the risk to Canada’s economy from the hot housing markets of Toronto and Vancouver is contained. Lawrence Schembi said Tuesday that credible macroeconomic policies are effective in managing the risk here, and in other similar economies including Australia and New Zealand. Tightened lending conditions, he said, have improved average credit scores and the quality of mortgages held by Canada’s lenders.