Flaherty Says He Wishes Canada Housing Short Sellers Bad Luck

Canadian Finance Minister Jim Flaherty says he wishes “bad luck” to short sellers seeking to profit from declines in the nation’s housing prices.

Flaherty, speaking to reporters in Waterloo, Ontario, said the government has taken measures to tighten mortgage lending rules, helping to moderate price increases. Other countries that have experienced sharp declines in housing prices hadn’t taken such measures, Flaherty said.

Short sellers profit from price declines by selling borrowed securities and repurchasing them at cheaper levels.

To contact the reporter on this story: Cecile Gutscher in London at cgutscher@bloomberg.net

To contact the editor responsible for this story: Paul Badertscher at pbadertscher@bloomberg.net

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