Fear of housing bubble in Canada overstated: RBC | Vancouver ...

TORONTO (MarketWatch) ? Fears of a housing bubble in Canada are overstated, the head of Canada?s largest bank by assets said Tuesday.

?We feel pretty good about the housing market,? Royal Bank of Canada?Chief Executive Gordon Nixon said at a Bloomberg Canada Economic Summit in Toronto. ?I would love to see the rhetoric come down a little bit,? he said.

While there may be ?pockets? of concern, such as Vancouver?s condominium market, overall ?we remain quite comfortable? with the housing and real estate market, he said.

Canada Mortgage and Housing Corp. said Tuesday there is ?no clear evidence? yet of overheating in the country?s condominium markets, even though policymakers ? most notably the Finance Minister ? have raised concerns about the rapid pace of multi-unit construction projects.

(Paul Vieira contributed to this article.)

(Adds further comments from CEO starting in paragraph 5)

?RBC CEO says ?we feel pretty good about the housing market?

?May be ?pockets? of concern, but remains ?quite comfortable? overall

?Nixon says condo market doesn?t reflect Canada?s overall housing market

TORONTO (MarketWatch) ? Fears of a housing bubble in Canada are overstated, the head of Canada?s largest bank by assets said Tuesday.

?We feel pretty good about the housing market,? Royal Bank of Canada RY Chief Executive Gordon Nixon said at a Bloomberg Canada Economic Summit in Toronto. ?I would love to see the rhetoric come down a little bit,? he said.

While there may be ?pockets? of concern, such as Vancouver?s condominium market, overall ?we remain quite comfortable? with the housing and real estate market, he said.

Canada Mortgage and Housing Corp. said Tuesday there is ?no clear evidence? yet of overheating in the country?s condominium markets, even though policymakers ? most notably Canada?s Finance Minister ? have raised concerns about the rapid pace of multi-unit construction projects.

Nixon said the condominium market does not reflect the overall Canadian housing market.

He said the major risk or shock to the housing market is a ?significant increase in interest rates over time,? which the bank doesn?t expect to happen. Royal Bank has just a small percentage of condominiums in its mortgage portfolio, Nixon said.

Asked about the possibility of RBC expanding into China, Nixon said it?s not part of the bank?s strategy.

?We won?t be buying a bank in China,? he said, adding that RBC will instead take advantage of its strengths to be an intermediary in capital flows between China and Canada.

He also said he doesn?t expect to see any ?transformational acquisitions? in Canadian banking because of the more stringent regulatory climate and higher capital requirements.

(Paul Vieira contributed to this article.)

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