(Source: The Star)

Low interest rates have caused some Canadians to act “irrationally” in the housing market, potentially taking on too much debt that could lead to economic difficulties down the road, says the president and CEO of ING Direct Canada.

“You have situations in some markets such as Toronto where people are making multiple offers for homes, they are paying thousands more and waiving conditions. It gives me concern they may not be thinking rationally, and this could lead to problems,” Peter Aceto said in an interview Wednesday.

Read the full article by Tony Wong, “Mortgage lender warns of housing bubble” in The Star (Nov 12, 2009).

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