Canadian HELOC Growth Was Drying Up Before The Pandemic

Fewer Canadians are using HELOCs to afford their homes, which is a concerning sign. The rates are dropping due to the coronavirus pandemic right now, but were falling even before that. Read on to learn more about personal loan rates, those tied into home equity, and the trends that are taking place during and before the coronavirus outbreak. This in general suggests that the housing market is likely to be facing a downturn due in part to coronavirus.

Key Takeaways:

  • Even before the coronavirus, reports show that HELOC rates were dropping.
  • This drop in credit growth is potentially a bad sign for things to come.
  • Read on for more information about home equity debt and predicted trends in Canada.

“Since the lender has something to collect in default, rates for this product are usually lower than unsecured credit.”

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