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STOCKS SURGE AS FED RATE-HIKE FEARS FADE

Apple beats Q2 estimates with iPhone sales declining 10%

Canada's Oliver does not see a housing or mortgage crisis

Reuters
Canada's Finance Minister Joe Oliver speaks during Question Period in the House of Commons on Parliament Hill in Ottawa May 13, 2014. REUTERS/Chris Wattie

OTTAWA (Reuters) - The Canadian government is watching the housing and mortgage market carefully, but does not see a crisis, Finance Minister Joe Oliver said on Thursday.

"We're going to monitor the market, but we don't think we're confronting a crisis at this point," he told CTV News.

He noted that the government had intervened a number of times to cool the market.

Oliver also said the federal budget was well on track to achieve a surplus of C$6 billion ($5.5 billion) in the fiscal year that begins next April, on top of a contingency reserve.

(Reporting by Randall Palmer. Editing by Andre Grenon)