Mortgage Growth in Canada Hasn't Been This Weak Since 2001
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Canada’s mortgage growth has fallen to the lowest in nearly two decades as interest rates rise and after new mortgage rules took effect at the start of the year.
Total residential mortgage credit grew just 0.3 percent on average over the last three months, the slowest since 2001, Bank of Canada data show. That’s down from 0.47 percent at the end of 2017, and about half the average 0.57 percent pace over the past twenty years. Outstanding residential mortgage loans in Canada now total C$1.53 trillion ($1.19 trillion), the data show.