October 3, 2017 / 4:30 PM / a year ago

Canada watchdog says taking action to stop housing risks materializing

TORONTO, Oct 3 (Reuters) - Canada's top banking regulator said on Tuesday that his organization was taking pre-emptive action to reduce the risks arising from high household debt across the country and frothy housing markets.

"We clearly see the potential risks caused by high household indebtedness across Canada, and by high real estate prices in some markets. We are not waiting to see those risks crystallize in rising arrears and defaults before we act," Jeremy Rudin, Superintendent of Financial Institutions said in a speech.

Reporting by Matt Scuffham

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