The second in command at the Office of the Superintendent
He says lenders, such as banks, are well capitalized at the moment but they cannot afford to relax, particularly as 60 per cent of bank lending is in the real estate market.
He says OSFI is trying to mitigate the risks but at the end of the day it is up to banks and mortgage insurers, such as the
He notes that the U.S. housing collapse demonstrated that when the tide turns on housing, high debt can act as a major drag on overall consumer spending and thus the economy as a whole.
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