Carney - "An abrupt correction in Canada's housing market is possible."

CBC 26 Oct 2010 – “Bank of Canada governor Mark Carney agreed Tuesday that an abrupt correction in Canada’s housing market is possible. Appearing before the Commons finance committee and responding to a question from Nova Scotia MP Scott Bryson, Carney said he was not predicting a significant drop in prices, but given how far prices have risen and the high level of Canadians’ household debt, it could not be ruled out. Carney told the committee the bank is limited in what it can do to use interest rate changes to encourage Canadians to reduce their debt.”