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Finance Minister says Canada could be pressured to raise interest rates

Federal Finance Minister Jim Flaherty says Canada will face global pressure to raise interest rates

Federal Finance Minister Jim Flaherty
Photo: CTV News

If you are planning to borrow money this year, you may face rising interest rates.

Federal Finance Minister Jim Flaherty says that Canada will face global pressure to raise interest rates.  

In an interview with CTV's Question Period the minister did not offer what he thinks the Governor of the Bank of Canada should do about lending rates.

Flaherty also talked about the housing market and escalating prices.  

He's been trying to dampen down demand and promises more action if necessary.

"I think the pressure will be there, because the Fed in the U.S. should stop printing money, and taper off as they say," Flaherty says, "The OECD and the IMF have both said to Canada we ought to let our interest rates go up a bit. So there’ll be some pressure there for that to happen."

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