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TORONTO — The CEO of Scotiabank says he’s concerned about the possibility of a housing market correction in Toronto and Vancouver.

Brian Porter, who was asked about his outlook for the Canadian mortgage market during a conference call to discuss the bank’s first-quarter results, said he’s supportive of recent government changes introduced to reel in house price growth.

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Trees don’t grow to the sky and markets will correct at some stage here

“Trees don’t grow to the sky and markets will correct at some stage here,” Porter told analysts Tuesday after the bank reported net income of $1.49 billion during the first quarter of the year.

A few days earlier, the head of Canada’s largest bank said it was time to consider bringing measures that cooled Vancouver’s sizzling housing market to Toronto.

Dave McKay, the chief executive of Royal Bank of Canada, cited a “somewhat dangerous mix of catalysts” in Canada’s largest city, such as ultra-low rates, lack of supply of single family homes, speculation, and foreign money coming in at an increasing rate since Vancouver instituted measures to dampen its market, including a foreign buyers’ tax.