Mr. Speaker, we have continued to caution Canadians about overextending themselves on credit, whether it is residential mortgage credit or credit card credit.
With respect to residential mortgages, we have tightened the rules three times in the past several years, including this year. We have seen Canadians now increasing their activity in terms of paying off mortgages. However, we have low interest rates and some Canadians are taking advantage of those to take on some larger mortgages.
Again, we need to caution Canadians not to overextend themselves because interest rates eventually will go up.