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The Economy Monday,October 22,2012 Minister sees privatization of CMHC When Finance Minister Jim Flaherty took steps to cool the housing market over the past four years, he largely did so via the Canada Mortgage and Housing Corp., the Crown corporation that dominates the mortgage insurance market. Now he says his interventions in the housing market are at an end – and he would like to see the CMHC privatized in the next five to 10 years. "We’ve taken four steps over the last four years to reduce the exposure there for taxpayers, so I don’t think there’s a lot more to do with CMHC or mortgage insurance, certainly not in the foreseeable future," Flaherty said in an interview. Flaherty’s goal has been to steer the market away from the extremes that rocked the U.S. economy, and to keep mortgage debt loads under control despite the lure of low interest rates. But the Finance Minister has also been aiming to cut the amount of exposure that taxpayers have to the housi...

BMO: Alberta's oil riches driving Canada's economic growth this year By The Canadian PressOctober 9, 2012 The Syncrude tar sands mine north of Fort McMurray, Alberta, November 3, 2011. Syncrude is one of the largest oil sands producers in Alberta.Photograph by: © Todd Korol / Reuters, Reuters CALGARY - The Bank of Montreal says Alberta is expected to post the country's strongest economic growth among the provinces this year. The bank predicts the oil-rich province will post real GDP growth of 3.5 per cent in 2012, falling back a bit to 2.9 per cent in 2013. The energy sector's strength has attracted workers from elsewhere in Canada to Alberta, which has the country's lowest unemployment rate at 4.4 per cent. But BMO economist Robert Kavcic says there are some risks to the energy sector, including rising costs and a lack of pipeline capacity to get Alberta crude to market. The bank says Canada's overall real GDP growth is expected to be 2.2 per c...

Canada may dodge housing hard landing, Flaherty says Thu Oct 4, 2012 4:44pm EDT By John Tilak WHITBY, Ontario (Reuters) - Pressures in the Toronto and Vancouver housing markets are moderating, Canadian Finance Minister Jim Flaherty said on Thursday, with neither a bubble nor a hard landing in sight for the country's property market.  "I don't think there is a bubble, or a danger of a bubble in Toronto and Vancouver. I'm actually comfortable with the fact that we've seen some moderation in pressures in that market, both of those markets and across the country," Flaherty told reporters. "I hope the market will discipline itself ... Some modification is better than having some sort of hard landing." Mindful of the U.S. housing market crash that triggered the global financial crisis, Flaherty in June tightened rules on government-backed mortgages for the fourth time in four years. Industry reports released on Wednesday showed Canada's pos...

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