OTTAWA, Jan 28 (Reuters) - Canadian Finance Minister Joe Oliver dismissed on Wednesday the idea that interest rates are so low they are spurring Canadians to buy homes they cannot afford.
“We’re of course monitoring the market. It’s not a huge concern at this point,” he told reporters when asked about the possibility of people buying homes they cannot afford.
“I’ve said again and again we don’t think there’s a bubble, the Bank of Canada agrees with that, CMHC (Canadian Mortgage and Housing Corp), OECD (Organization for Economic Cooperation and Development). ... But we’re watching the personal debt, it is something that we’re monitoring fairly carefully because it is a serious issue.” (Reporting by Leah Schnurr; Writing by Randall Palmer; Editing by Peter Galloway)