Officials in Ottawa are warning that they could further restrict mortgage availability in an effort to cut down on rising debt levels across the country.
Finance Minister Jim Flaherty said that while previous generations have made it a focus to pay off their debt quickly, consumers now are less motivated to do so, which has led to elevated levels of debt for many nationwide. Making mortgage regulations tighter would restrict the flow of credit, and likely make it more difficult for consumers to take advantage of mortgage rates still below normal levels.
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