Some Canadians are exposed to mortgage debts despite the housing market being stable, Prime Minister Stephen Harper has warned.
"Now, all of our data indicate that - both for lenders and for borrowers at low interest rates - this debt is very manageable. But there are some people who are overexposed, so we encourage people to exercise caution in terms of their borrowing," Harper told reporters.
Harper said during his appearance in Windsor, Ontario this week that the country’s housing market should be strong and stable over the longer term. He also said that the country would not consider putting a tax on foreigners who conduct real estate investing practices in Canada.
If Australia is tracking its foreign real estate investments, Reuters reported that Canada does not even track it. The report also said that “some analysts believe a tax on foreign buyers would cool hot markets in Toronto and especially Vancouver, where a backlash against wealthy Chinese homebuyers is building.”
House values across Canada are at a record high, but some local markets have cooled particularly oil-industry capital of Calgary.
Later this week, the Canadian Imperial Bank of Commerce was offering to "lower your mortgage rate for nine months" by charging an introductory rate of 1.99 per cent on a four-year fixed-rate mortgage.
"Now, all of our data indicate that - both for lenders and for borrowers at low interest rates - this debt is very manageable. But there are some people who are overexposed, so we encourage people to exercise caution in terms of their borrowing," Harper told reporters.
Harper said during his appearance in Windsor, Ontario this week that the country’s housing market should be strong and stable over the longer term. He also said that the country would not consider putting a tax on foreigners who conduct real estate investing practices in Canada.
If Australia is tracking its foreign real estate investments, Reuters reported that Canada does not even track it. The report also said that “some analysts believe a tax on foreign buyers would cool hot markets in Toronto and especially Vancouver, where a backlash against wealthy Chinese homebuyers is building.”
House values across Canada are at a record high, but some local markets have cooled particularly oil-industry capital of Calgary.
Later this week, the Canadian Imperial Bank of Commerce was offering to "lower your mortgage rate for nine months" by charging an introductory rate of 1.99 per cent on a four-year fixed-rate mortgage.
