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Canada moves to avoid housing bubble

This November 4, 2015 photo shows Canada's Finance Minister Bill Morneau during a ceremony introducing the new government of Prime Minister Justin Trudeau at Rideau Hall in OttawaThe Canadian government announced Friday a tightening of mortgage rules to curb overspending on homes in a sluggish economy that could collapse with the burst of a possible housing market bubble. “While current market trends have largely been supported by strong fundamentals, there’s significant variation across Canada in terms of the pace of housing market activity and potential vulnerabilities,” he said. Meanwhile, average home prices in Canada rose eight percent year over year in October, according to the latest figures from the Canadian Real Estate Association, supported by record low lending rates.

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