Canada’s Mortgage Credit Growth Hits Multi-Year High, But It Isn’t What It Seems

Despite the coronavirus pandemic and subsequent lockdown, signs show that the Canadian mortgage market is actually on the rise right now. However, projections show that it should have risen even more in the absence of the pandemic. Canadians now owe more in mortgage debt than they ever have before, showing how large the market has become. Read on for more details about how the market is performing right now and predictions for how it will behave in the future.

Key Takeaways:

  • New data suggests that Canada’s mortgage market is reaching new highs despite world turmoil.
  • Canadians now have the most mortgage debt that they ever have.
  • Despite this fast growth, mortgage markets were supposed to be growing even faster before the pandemic.

“Canadian mortgage credit growth is accelerating into the pandemic – despite the lock down. Bank of Canada (BoC) data shows outstanding mortgage credit reached a new high in March.”

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