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Canada / 150,000 jobs would be at risk in the housing sector

Canada’s housing market is slowing dramatically in terms of both sales and construction, dragging down economic growth and putting some 150,000 jobs at risk in coming years, a mortgage industry association warns in its spring report.

The Canadian Association of Accredited Mortgage Professionals stops short of calling the ongoing slide that began about nine months ago a crash, but chief executive Jim Murphy says policy-makers should stop trying to tighten lending rules further and start thinking about helping for first-time purchasers.

“They’ve gone enough in terms of regulatory changes and we’re seeing a real slowdown in the overall housing market. The federal government wanted that to happen, but the question is how much … and what is that impact on the overall economy,” Murphy said Wednesday.

“Some people thought the market would come back(this spring). Well it hasn’t come back. It is a definite trend.”

Chosen excerpts by Job Market Monitor

CTV

via Housing slowdown to worsen, cost 150,000 jobs, says mortgage group | CTV Winnipeg News.

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