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Mortgage Debt Is Rising at Its Fastest Pace in Canada Since 2007

Taxing The Rich Is Failing To Ease The Global Housing Crunch
Photographer: Jennifer Gauthier/Bloomberg

Canadians are piling into mortgages at more than double the historical pace as the housing market appears to moderate after a pandemic boom.

The total value of residential mortgages rose by 1.2% to C$1.73 trillion ($1.4 trillion) in June, according to data released Thursday by Statistics Canada. That’s the fastest monthly increase in loans borrowed for real-estate purchases since 2007.