Current house price correction in Canada has couple more years to run

The correction currently underway will persist for next couple of years. More adjustment to come in home prices: Carney

“Real wealth is built through innovation, and it’s gained through hard work,” Mr. Carney explained in an interview taped before this weekend’s G20 finance ministers and central bankers meeting in Moscow. “It’s not through some magical asset inflation.”

Mr. Carney said the pace of debt accumulation has slowed to about 3 per cent a year from 10 per cent.

Mr. Carney rejected the suggestion that he may be remembered as Canada’s Alan Greenspan – the former U.S. Federal Reserve Bank chief who many critics blame for inflating the housing bubble in that country – if there’s a housing crash.

“I’m coming back, so I’ll take responsibility if, if, well, that’s not going to happen,” he said. “I’m also coming back, so I’m here to face the consequences, ultimately.”

Sure you will. We look forward to it.