Poloz Says He’s Confident Canada Housing Will Return to Growth

Bank of Canada Governor Stephen Poloz said he’s confident the nation’s housing sector will return to growth later this year, as markets like Toronto and Vancouver stabilize and the impact of new regulations is absorbed.

In a speech in Winnipeg that focused on housing and mortgages, Poloz downplayed the effect of higher policy rates and tougher mortgage qualifications in the recent cooling, painting instead a picture of a sector still supported by a growing economy and labor market. For markets undergoing adjustments, Poloz said, it’s mostly due to local circumstances.