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.

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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