Flaherty Shouldn’t Meddle in Mortgage Rates, Waugh Says
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Canadian Finance Minister Jim Flaherty shouldn’t interfere with mortgage pricing set by the country’s lenders, Bank of Nova Scotia Chief Executive Officer Richard Waugh said.
Flaherty, who has taken steps to cool the housing market in a bid to avert a crash, raised concerns last month over reduced five-year mortgage rates offered by Bank of Montreal and Manulife Financial Corp. amid record levels of household debt in Canada. Both lenders have since increased rates.