May 7, 2012 / 10:46 PM / 7 years ago

Home equity lines of credit can be risky - BoC

VANCOUVER, May 7 (Reuters) - Home equity lines of credit are useful but can be risky for some people, Bank of Canada Deputy Governor John Murray said on Monday.

The central bank - which has warned about the impact on borrowers when current low interest rates start to rise - said last month that Canadians could not rely on the credit lines forever to fund higher consumption.

“Home equity loans (are) good, but for some, potentially a little risky,” Murray told an audience of mortgage brokers in Vancouver.

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