Canadian Households Borrowed Mortgage Credit At The Fastest Rate Since 2008
Canadian households were in a mad dash to borrow debt before the recent rate hikes. Bank of Canada (BoC) data shows outstanding mortgage credit hit a new high in February 2022. Over the past year, households grew mortgage debt at the fastest rate since 2008.
The BoC’s latest data shows Canadian households hit a new mortgage debt record. Outstanding residential mortgage credit reached $1.96 trillion in February, up 0.5% ($9.6 billion). Compared to last year, the balance surged 10.7% ($190.6 billion) higher. It’s worth keeping in mind that this had been the last month at ultra-low rates. The BoC began to raise interest rates in March, in an attempt to cool some of this activity.
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