Mortgage debt is growing at its slowest pace in 23 years — but that could be short-lived, says CMHC

Mortgage debt is growing at its slowest pace in 23 years — but that could be short-lived, says CMHC | CBC News LoadedMortgage debt grew at its slowest pace in 23 years in February, amid high borrowing costs and reservations related to the Bank of Canada's key interest rate — but the slowdown likely won't last, according to Canada's housing agency.New homes are built in the west end of Ottawa in 2021.

"Households are really being squeezed by high inflation and high interest rates. It's also a waiting game, as prospective homebuyers are waiting on the sideline for the Bank of Canada to cut rates," she told CBC News. "In a context where debt levels have never been so elevated and households are showing increasing warning signs of financial struggle, household debt vulnerability is becoming a primary area of concern," said CMHC deputy chief economist Tania Bourassa-Ochoa in a news release.

A for-sale sign is posted outside a Toronto home in March 2022. The national mortgage delinquency rate hit 0.17 per cent in the fourth quarter of last year, still near historic lows, but trending up for the first time since the beginning of the pandemic, according to a report. The report showed the national mortgage delinquency rate hit 0.17 per cent in the fourth quarter of last year, still near historic lows, but trending up for the first time since the beginning of the pandemic."People pay their mortgages first and foremost. So they pay their mortgages before they pay for anything else, like eating out or sports or vacations."

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