UPDATE 1-Bank of Canada’s Jenkins says no housing bubble

* Says market is strong, but no bubble

* Jenkins speaking in Vancouver panel discussion
(Adds background)

VANCOUVER, Feb 22 (BestGrowthStock) – The Canadian housing market
is strong, but it is not experiencing a bubble, Paul Jenkins,
senior deputy governor of the Bank of Canada said on Monday.

The Canadian government said last week it will bring in new
mortgage rules to cool the housing sector and prevent home
buyers, tempted by record low interest rates, from
overextending themselves. [ID:nN16214087]

At the same time, it said there was no housing bubble, a
point echoed on Monday by Jenkins, who was speaking at a panel
discussion at the government of Canada and Financial Times
Global Business Leaders Day in Vancouver, where the housing
market is especially hot.

“At the moment, we are certainly seeing a certain amount of
the recovery in the Canadian economy coming from the housing
sector” he said.

“I would certainly not say we are looking at a housing
bubble,” he added.

Unlike the struggling U.S. housing market, sales and prices
of existing homes in Canada soared last year, boosted by the
central bank’s near-zero interest rates and the resulting
low-cost mortgages. Many in the industry have forecast further
strength in 2010. [ID:nN08187539]
Stock Market Analysis

(Reporting by Nicole Mordant, writing by John McCrank)

UPDATE 1-Bank of Canada’s Jenkins says no housing bubble