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Mark Carney – Housing Market Friend or Foe?

Posted by: In: Real Estate 22 Apr 2014 Comments: 0 Tags: ,

In terms of credentials Mark Carney, former Governor of the Bank of Canada and current Governor of the Bank of England is arguably equipped to do the job. With a degree in economics from Harvard and a master’s degree and doctorate in economics from Oxford University together with a prestigious career history with Goldman Sachs and the Bank of Canada, this is a man who must surely know his stuff right?

Credited with protecting Canada from the worst effects of the late-2000’s financial crisis, his appointment at the Bank of England was a pragmatic move aimed at shielding the UK in exactly the same way.

So it’s rather worrying to say the least that reports are emerging from Canada’s banking community that suggest a property slowdown is imminent which could severely undermine the country’s economy.

Canada’s housing market makes a significant contribution to the economy, adding $1.7 trillion in economic activity since 2000 and $128 billion in 2013 alone. According to Canada’s Scotiabank, for every $1 spent on housing, around $1.50 worth of economic activity is generated through associated things like movers, building materials suppliers, heating and cooling systems, and household appliances and fixtures.​

Surely any economist worth their …read more

Source: IPIN Live



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