Economics
Mortgage Debt Is Rising at Its Fastest Pace in Canada Since 2007
This article is for subscribers only.
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.