Canada housing market moving in right direction - BoC's Murray

NEW YORK Tue Nov 27, 2012 2:09pm EST

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NEW YORK Nov 27 (Reuters) - Canada's housing market is the key domestic risk to the economy but it is moving in the right direction after a period of overheating, Bank of Canada Deputy Governor John Murray said on Tuesday.

"It's still early days. But we're certainly seeing evidence of movement and acceleration in the right direction," Murray told a business audience after giving a speech in New York.

He said the evidence on housing expenditures was "to a degree encouraging." Murray also noted that the Canadian economy was operating at fairly close to its full capacity.

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