The Financial Post reports in its Friday, May 19, edition that federal officials delivered a vote of confidence in Canada's housing sector and banking system. A Bloomberg dispatch to The Globe reports that senior officials from the Finance Department testified Wednesday to the Senate finance committee, fielding questions about the stability of the housing market, risks posed by high household debt levels and the downgrade of banks by Moody's Investors Service. The hearing came amid questions about the future of Home Capital Group and any effect that a potential failure there could have on the housing sector. The core message from the officials was the market was stable and, despite some risks, policymakers' measures are taking effect. Finance Canada director Phil King said: "We don t think there's any systemic risk across the country. There are specific pockets of concern, which seem to have ameliorated somewhat in the very near term but we're keeping a very close eye on those." He says Vancouver and Toronto have "very, very strong fundamentals" supporting prices including immigration, strong job creation, strong income gains and high wealth. Mr. King said policymakers have "no concerns."