Canada's Flaherty concerned for borrowers at time of low rates

Wed Mar 20, 2013 11:48am EDT
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OTTAWA, March 20 (Reuters) - Canadian Finance Minister Jim Flaherty said on Wednesday he was concerned that Canadians might not be able to afford their mortgages when interest rates go up, speaking after he gave Manulife Financial a tongue-lashing for offering ultra-low rates.

"Our concern, my concern for a number of years with very low interest rates is to ensure that people can afford their mortgages when interest rates go up," Flaherty told reporters.

"It's a concern for the Canadian people, that they're careful and that they don't assume that very low interest rates like we have now will continue indefinitely, because they won't," he said.