Canada's total residential mortgage debt has climbed six per cent in the past year to 2.08-trillion-dollars.
But Canada Mortgage and Housing Corporation says the rate of growth has actually slowed compared with recent years.
Our Senior Specialist of #Housing Research Tania Bourassa-Ochoa discusses trends in the residential #mortgage industry and Canada’s rising mortgage #debt.
— CMHC (@CMHC_ca) May 25, 2023
Watch the full conversation here: https://t.co/UcVayi45Tu pic.twitter.com/p6RSaGiqk0
How are Canadians managing their #debt payments?
— CMHC (@CMHC_ca) May 25, 2023
Despite record levels of mortgage debt and the higher cost of living, mortgage arrears remain low.
However, when budgets become tight, consumers will typically be delinquent on other debts before their #mortgage.
1/2 pic.twitter.com/Xuw1L5MdDW
It says that's due to inflation, rapidly rising interest rates and cooling housing markets, which have weakened consumer confidence and left fewer people looking to buy a home.
