CMHC says residential mortgage debt grew last year by fastest pace since 2008
Residential mortgage debt grew last year by the fastest pace since 2008 says a new report from Canada Mortgage and Housing Corp.
The federal housing agency says that mortgage debt grew by nine per cent for the year, and topped 10 per cent in the early months of this year before rising interest rates started to slow the market.
“The levels of investments of households are quite high. So it is a source of vulnerability,” said Tania Bourassa-Ochoa, a senior economist at CMHC and co-author of the report on mortgage trends.