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Flaherty Says Cooling of Housing Market Would Be a Good Thing

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June 29 (Bloomberg) -- Canadian Finance Minister Jim Flaherty said the government is willing to accept the possibility of slower economic growth in exchange for cooling off the country’s housing market.

Flaherty, speaking on a conference call with reporters today, said he realizes the tougher mortgage rules he announced last week may have a “dampening effect” on the economy and the residential real eatate market.

“We’re prepared to take that risk, quite frankly, because of the greater risk of the development over time of a housing bubble,” he said, adding he’s “very concerned with the condo market in Canada’s largest cities.”

To contact the reporter on this story: Andrew Mayeda in Ottawa at amayeda@bloomberg.net

To contact the editor responsible for this story: Theophilos Argitis at targitis@bloomberg.net