The Latest in Mortgage News: Mortgage Debt Soars as Credit Card Debt Falls to 6-Year Low
Canada’s hot housing market was behind a 41.2% annual increase in new mortgages as of the first quarter, Equifax Canada reported.
The average mortgage amount also rose by 20.5% to $326,903.
“Low interest rates and speculation around U.S. inflation impacting our interest rates has fueled mortgage volumes as consumers fear future interest rate hikes,” Rebecca Oakes, AVP of Advanced Analytics at Equifax Canada, said in a release. “Competition among homebuyers is fierce in many markets across the country. We’ll monitor whether [OSFI’s] new mortgage stress test helps to cool off the hot housing market.”
Original Article Source Credits: CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/
Article Written By: Steve Huebl
Original Article Posted on: July 16, 2021
Link to Original Article: https://www.canadianmortgagetrends.com/2021/07/the-latest-in-mortgage-news-mortgage-debt-soars-as-credit-card-debt-falls-to-6-year-low/