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Canada's residential mortgage debt rises 6 percent

Darpan News Desk The Canadian Press, 25 May, 2023 10:19 AM
  • Canada's residential mortgage debt rises 6 percent

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.

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.

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