Policymakers were told be wary of possible froth in the Canadian economy at a financial industry conference on Thursday.

The RBC Capital Markets’ Canadian Bank CEO Conference in Toronto heard that consumer leverage has continued to grow in Canada, despite the financial crisis and recession, and banks’ loan business has grown impressively along with it. The continued strong growth in consumer credit in Canada stands in stark contrast to much of the rest of the world, where the crisis has caused households to reign in their spending and borrowing.

Speaking at the conference, TD Bank CEO, Ed Clark, said that he is “astounded” by the strength of the Canadian economy, and that he worries whether this outperformance is sustainable.

Clark added that, from a public policy perspective, it might be necessary to slightly lean against this growth in consumer leverage. “If you could just put your foot on the brake, and touch it just a bit,” he suggested, adding that he wouldn’t use interest rates to cool growth, but more nuanced policy measures.

The difference between Canada and the United States, Clark noted, is that there was a “balance sheet” recession in the U.S., where even those people that haven’t lost their jobs have nevertheless cutback on spending and debt levels. Whereas in Canada, there has been an “income” recession, which has seen those that haven’t been directly affected by the downturn seemingly carrying on with their consumption as if nothing has changed.