Joe Oliver wants to lower taxpayer exposure to the housing market —

TORONTO — Finance Minister Joe Oliver says Ottawa won’t be making any protective moves in Canada’s housing market.At a news conference Thursday, Oliver says the government’s long term aim is to gradually reduce taxpayer exposure to the residential real estate market, but there is no specific plan.Oliver’s predecessor, Jim Flaherty, moved four times to tighten mortgage lending rules in an effort to cool a hot real estate market.The minister’s comments follow an IMF warning on Wednesday that the housing market and household debt represent key risks to the Canadian economy.An IMF official estimated Canada’s housing market was over-evaluated by roughly 10% on a national scale, although in some regions those estimates could reach as high as 20%.The IMF predicted a soft landing for the housing market, but warned Canada could be at risk of a sharp correction if interest rates rose too quickly and the job market suffered a downturn.The finance minister spoke to the media Thursday ahead of his first pre-budget consultation roundtable in Toronto. read more

Petra Ecclestones brotherinlaw found dead at £35m mansion

first_imgPetra Ecclestone with her husband James StuntCredit:Rex Features/Rex Features Petra Ecclestone with her husband James Stunt James Stunt, far right, with Tamara Ecclestone, Jay Rutland and Petra EcclestoneCredit: Rex Features/ Rex Features The millionaire brother-in-law of  Petra Ecclestone has been found dead at his parents’ £3.5million home.Lee Stunt, 37, was found by his father on Wednesday.His younger brother James, who runs the family’s precious metal business, is married to the daughter of Formula One boss Bernie Ecclestone.Police and paramedics were called to the Wentworth Estate, near Virginia Water, Surrey, but were unable to revive him.Mr Stunt was chief operating officer for the family’s firm, Stunt & Co.Friends told The Sun that Mr Stunt had been suffering from depression.”He had been struggling for some time,” they said.”But his brother James recently bought him a new Porsche Turbo.”His father found him. We are shocked. Nobody knows the exact circumstances.” Tamara Ecclestone, Jay Rutland, Petra Ecclestone and James Stuntcenter_img The Wentworth estate where Mr Stunt’s publishing director father Geoffrey and mother Lorraine live is also home to the Sultan of Brunei and former motorsport boss Eddie Jordan.Earlier this year, Petra and her husband were targeted in a petrol bomb attack at their £66m London home.A lit petrol bomb was reportedly thrown into their house in Chelsea before landing next to Petra’s Range Rover.Last month, Bernie Ecclestone’s mother-in-law Aparecida Schunck, 67, was freed after being abducted from her home in Sao Paulo, Brazil.She was rescued by police after being held for nine days by kidnappers, who demanded a £28m ransom from the Formula One boss. Mr Stunt’s death is being treated as “unexplained” by Surrey Police and a post mortem examination is due to take place.He lived with his wife Lizzie in the village of Binfield, in Berkshire, and had worked in sales for 15 years after graduating with a BSc in business management from the University of Surrey.His brother James, 34, who married socialite Petra, 27, four years ago, is reported to be worth £3billion.Petra, who is Bernie Ecclestone’s youngest daughter, dated businessman Mr Stunt for four years before they were married in 2011. The wedding, near Rome, reportedly cost £12million.Petra is herself set to inherit half of Bernie’s £2.5billion fortune with her sister Tamara. Want the best of The Telegraph direct to your email and WhatsApp? Sign up to our free twice-daily  Front Page newsletter and new  audio briefings.last_img read more