The Finance Minister for Canada said there was no need to put the brakes on a heated housing market but he said rising household debt levels will be monitored.

The Bank of Canada also wants assurance from Banks to carefully assess household's overall debt load when approving mortgages.

It is feared that once the record-low interest rates end the risks of defaults on mortgages could rise.

The Finance Minister sees continued weakness in the global banking system and is not ready to unwind the stimulus measures brought in earlier to help the economy and the Real Estate Markets.

The Toronto Real Estate Market is expected to increase in record numbers for sales and price in 2010 due mainly to these record-low interest rates.