However, growth is decelerating at a noticeable clip, observers say
Canada’s total outstanding mortgage balance reached more than $1.635 trillion during the second quarter of the year, according to latest data from Equifax using calculations from Canada Mortgage and Housing Corporation (CMHC).
However, despite this large volume, “annual growth is now down from the decade high reached earlier this year,” Better Dwelling said in its analysis of the figures. “June’s 9.7% is the lowest rate of growth seen since May 2021. Prior to May 2021, this level of growth had only been seen since September 2008.”
Total scheduled monthly payment as of the end of Q2 was approximately $9.265 billion
Read more: Mortgage lenders’ results show concern in Canada
Home equity lines of credit represented a significant chunk of the second-quarter numbers, totalling nearly $212.321 billion.
Still, while mortgage credit growth is decelerating at a noticeable clip, it’s nowhere near being a crash.
“It’s just slower than February,” Better Dwelling said. “Canadians were still racking up significant debts in June, despite higher interest rates.”
