Andrew Mayeda, Canwest News Service
Friday Dec. 18, 2009
OTTAWA --The Federal Government is ready to clamp down further on mortgage rules if the boom in the Canadian housing market turns into a bubble, says Finance Minister Jim Flaherty.
"The reality is we have low mortgage rates...so we can expect some upward pressure on housing," he said.
"If we have to, we'll do what we did last year and limit the rate of amortization further than we already did, and require higher down payments," said Mr. Flaherty.
"Interest rates are at historic lows. They are naturally going to go up," said Mr. Flaherty. "People have to make sure that the mortgage on their home that they've put on today will be affordable at higher interest rates in the future."
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