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A Canadian mortgage industry group says there is no bubble in any Canadian housing markets and is warning the government against any changes in lending conditions that might derail the market.

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The federal government took the first concrete steps Thursday to involve its provincial and municipal counterparts in a bid to slow the runaway housing markets of Toronto and Vancouver, after a series of steps by Ottawa alone have proved insufficient.

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Will Dunning, the chief economist for Mortgage Professionals Canada, which represents more than 11,000 members across the country, says everybody is waiting for the bubble to burst, but maintains there isn’t enough evidence to say it exists.

“There is a risk that changes in policies of lenders or mortgage insurers that reduce access to mortgages could cause an unnecessary drop in housing demand and housing prices, and bring consequent economic damage,” Dunning said, in a release out Tuesday that accompanies his group’s 38-page report on the state of the mortgage industry.