National

Canada's residential mortgage debt rises 6 percent

Darpan News Desk The Canadian Press, 25 May, 2023 10:19 AM

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.

Watch the full conversation here: https://t.co/UcVayi45Tu pic.twitter.com/p6RSaGiqk0
— CMHC (@CMHC_ca) May 25, 2023

How are Canadians managing their #debt payments?

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
— CMHC (@CMHC_ca) May 25, 2023

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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