Canada’s total residential mortgage debt hit $2.08-trillion as of January: CMHC

  • 📰 globebusiness
  • ⏱ Reading Time:
  • 10 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 7%
  • Publisher: 66%

Loans Loans Headlines News

Loans Loans Latest News,Loans Loans Headlines

Many Canadians are choosing to reduce their monthly debt servicing costs and opting for shorter-term fixed-rate mortgages because they expect interest rates to eventually drop

Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt was $2.08-trillion as of January this year, up six per cent from January 2022.

The report attributes the trend to inflation, rapidly rising interest rates and cooling housing markets, which have weakened consumer confidence and left fewer home buyers looking to buy.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 31. in LOANS

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

75% of Canadian Household Debt Comes From Mortgages: CMHCCanada is drowning in more debt than any other G7 country, with the escalated cost of mortgage borrowing to blame for three-quarters of the country’s total household debt burden. CMHC_ca | realestate realestatenews housing mortgages
Source: storeyspub - 🏆 16. / 74 Read more »

Households now owe more than Canada's entire economy, CMHC says | CBC NewsCanadian households are more in debt than those in any other G7 country, and the amount they owe is now more than the value of the entire economy, the deputy chief economist with Canada's housing agency is warning in a new report.
Source: CBCNews - 🏆 2. / 99 Read more »

Families 'facing real pressure' as household debt levels push higher, CMHC warnsCMHC says there are signs more Canadians are having financial difficulty as interest rates rise, adding to household debt loads. Read on.
Source: financialpost - 🏆 7. / 85 Read more »

Canada has highest household debt level in G7: CMHC analysisMortgages currently make up about three\u002Dquarters of household debt in Canada
Source: ottawasuncom - 🏆 4. / 92 Read more »

Canadian residential mortgage debt hits $2.08 trillion: CMHCThe report attributes the trend to inflation, rapidly rising interest rates and cooling housing markets
Source: calgarysun - 🏆 63. / 52 Read more »

Debt numbers and their impact on CalgariansWatch: A new CMHC report says home prices are to blame for ballooning household debt in Canada, which now ranks as the highest of any G7 country. CTVMarkVillani has more. yyc
Source: CTVCalgary - 🏆 26. / 68 Read more »