Canadian officials preach calm as housing warnings surface

Ottawa

CANADIAN government officials delivered a vote of confidence in the country's housing sector and banking system, telling lawmakers that Vancouver and Toronto's real estate markets are supported by fundamentals that leave risks well-contained.

Senior officials from Canada's Finance Department testified on Wednesday evening to the Senate finance committee, fielding questions about the stability of the housing market, risks posed by high household debt levels in Canada and the recent downgrade of banks by Moody's Investors Service.