The Financial Post reports in its Saturday, June 19, edition that Canadians are piling on debt to purchase property at the fastest pace in more than a decade amid a pandemic-driven housing boom. A Bloomberg dispatch to the Post reports that household mortgage debt grew by 1 per cent in April to $1.69-trillion, Statistics
Canada reported Friday in Ottawa. That is the fastest pace since 2010. In absolute terms, residential mortgage credit was up $17-billion during the month, the largest one-month increase ever. Low borrowing costs, tight supply and increased demand for single-family homes during the COVID-19 pandemic have spurred bidding wars and a spike in home values across the country. Friday's data show just how much the boom in prices is fuelling mortgage debt, a major concern for policy-makers.
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