“The rate increases will be there, but the affordability of housing is very favourable because we’ve not had those big jumps in house prices in Canada,” said Warren Jestin, chief economist for Scotiabank.

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In a wide-ranging yearend interview Flaherty explained his government has limited tools to cope with a rising Loonie and ruled out subsidies to soften the blow.

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Yet in the same address to a blue-chip Toronto luncheon crowd, Mr. Carney said a strong consumer able to capitalize on low rates is paramount for the Canadian economy.
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Canada’s dollar climbed against its U.S. counterpart for a third day on speculation an accelerating economic recovery will prompt the central bank to raise interest rates sooner than it expected.

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Manufacturing orders rose for the second time in four months while the housing market, consumer demand and employment levels all improved in November.

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CIBC World Markets in its Economic Insights report estimates that less than 4% of households are vulnerable to a rate shock.

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“The Canadian housing market remains on fire as the combination of low mortgage rates and still favorable buying conditions continues to spur buying activity,” Millan Mulraine, an economist with TD Securities in Toronto, said in a note to clients.

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The average Canadian is carrying a record household debt-to-income ratio of 140%, according to numbers released by the Office of the Superintendent of Bankruptcy late last month.

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