#WednesdaysatHomeLove – Canadian Mortgage Debt

#WednesdaysatHomeLove – Canadian Mortgage Debt via Canadian Real Estate Magazine.

“Canadian mortgage debt and home equity lines of credit reached $1.98 trillion in May, comprising the lion’s share of total household borrowing, which rose by 0.8% month-over-month to $2.5 trillion, says Statistics Canada.

Mortgage debt grew by $16.3 billion in May, up by 1% from April and 8.3% from May 2020.

‘Over the first five months of 2021, households added $57.5 billion in mortgage debt, compared with $34.3 billion over the same period in 2020,’ said StatCan…

According to the Canada Mortgage and Housing Corporation, the seasonally adjusted annual rate of housing starts was 282,070 last month, a decrease of 1.5% from 286,296 in May…

‘There’s been a shift in buyer preferences, and there are a whole lot of options for people who have decided to move because they work from home, and they’re making different choices and redirecting their cash and assets towards a different home. People are redirecting their spending because they aren’t travelling, so they’re upgrading and improving their homes,’…”

To read the full article, click here.