The Globe and Mail reports in its Friday, May 12, edition that concern about Canada's heavily indebted households and hot housing market ratcheted higher on Thursday after Moody's downgraded the ratings for Canada's major banks. A Reuters dispatch to The Globe reports that Moody's cited ballooning private-sector debt and unchecked house appreciation as it trimmed the credit ratings for Canada's six largest banks, highlighting the risk of big losses if borrowers get caught in a housing crash. Moody's said, "Continued growth in Canadian consumer debt and elevated housing prices leaves consumers, and Canadian banks, more vulnerable to downside risks facing the Canadian economy than in the past." Canada's household debt-to-income ratio has risen to a record high 167 per cent and house prices have more than doubled in the two biggest markets, Toronto and Vancouver, since 2009. The downgrade is expected to turn banks and investors more cautious about Canada's long housing boom and heady mortgage market. Federal and provincial governments alike have taken steps to crack down on speculation and tighten mortgage lending rules to prevent borrowers from taking on too much debt.