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Household debt reached record levels in the last quarter, according to Statistics Canada, but Ottawa says our appetite for credit, driven by home ownership, has stabilized.

It appears that Finance Minister Joe Oliver has no plans to impose further restrictions on borrowing, with the budget noting Ottawa has tightened rules on government-backed insured mortgages four times since 2008.

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The federal government says the overheated housing market is now a Toronto and Vancouver problem with the rest of the country having already witnessed moderation in pricing.

“There has been an appropriate and desirable moderation in housing activity in most regional markets across Canada. Toronto and Vancouver, in contrast, have continued to experience periods of strong sales and price growth, with housing market strength in these cities supported by such factors as population growth and land scarcity,” according to the budget.