Oliver Hands Off on Mortgages a ‘Mistake’: Sun Life
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Canadian Finance Minister Joe Oliver’s hands-off stance on mortgage rates is a mistake in an overheated housing market, Sadiq Adatia, chief investment officer at Sun Life Global Investments Inc., said.
Canadian lenders including Bank of Nova Scotia cut five-year fixed mortgage rates below three percent this spring. While Oliver said in May he would “monitor the market closely,” similar moves last year by banks elicited a rebuke from former Finance Minister Jim Flaherty. The low rates didn’t last.