The report says Finance Minister Jim Flaherty has decided to keep the program in place, a sign that Ottawa and the banking industry feel the liquidity pressures could re-emerge.

The move comes amid a global debate among political leaders, central bankers and economists about when to scale back various measures that have been put in place to boost the flow of credit and stimulate economies.

Canadian banks have been earning higher profits than expected and as a result, banks have scaled back use of the mortgage program.

They've only sold $64-billion worth of mortgages into the program to date, about half the $125-billion the government was prepared to buy.

Jack Aubry, a spokesman for the Finance Ministry, says the mortgage program has been successful in moderating the impact of the global financial turmoil on credit conditions in Canada.