There’s no doubt that Canada’s mortgage and real estate industries will suffer in the short term due to the impacts of the coronavirus pandemic. But how long will the pain last and how far out might the recovery be?
As property values have soared, Canadians have been increasingly securing loans through home equity lines of credit, or HELOCS — which let borrowers tap into the value of their home even if they aren’t finished paying off a mortgage.
Amid a spate of interest rate hikes and increasing cautiousness among borrowers, market players and analysts are sounding the alarm on a possible upward spike in the number of consumers using high-cost debt to cover their daily living expenses. Credit cards are a particular area of concern, as these sources
Ever since the introduction of a new mortgage stress test in January, Canadians’ mortgage debt levels have been on the decline, and last quarter was no exception. Mortgage borrowing declined by $3.6 billion in the second quarter of 2018, according to the latest data release from Statistics Canada. “On a
While the Canadian household debt balance has broken all previous records by reaching a total of $2.13 trillion in July (up by 3.77% compared to the same time last year), data from the Bank of Canada also indicated a recent sharp decline in the growth of these accountabilities. Canadian mortgage
East Coast Mortgage Brokers is Atlantic Canada’s premier mortgage company. Founded in 2010, we work with Canada’s top lenders to ensure our clients get the best deal for their mortgage.
