Canadians Take On Mortgage Debt at Fastest Pace in a Decade
Canadians binged on mortgage debt last year, increasing borrowing at the fastest pace in a decade to buy homes.
Residential mortgage credit rose 7.7% in 2020 to C$1.7 trillion ($1.4 trillion), representing an annual increase of C$118 billion, according to data released Friday by Statistics Canada. That’s the fastest yearly growth of such loans since 2010, far above the 5.4% yearly growth average over the past decade. It also represents the first time ever that outstanding mortgage debt has increased by more than C$100 billion in one year.
Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/
Article Written By: Erik Hertzberg
Original Article Posted on: February 19, 2021
Link to Original Article: https://ca.finance.yahoo.com/news/canadians-pile-mortgage-debt-fastest-182942525.html