Saturday, September 13, 2025

Latest

Canadian Mortgage Debt Surges by Most in Decade Amid Housing Boom

Canadians’ debt levels have been sent surging by the most in over a decade, as the scramble towards property purchases accelerates across the country amid the Covid-19 pandemic.

According to Statistics Canada, household mortgage debt rose 1% in April to $1.69 trillion, marking the sharpest increase since 2010. Relative to April 2020, household mortgage debt was 7.8% higher, despite a decline in the sale of existing homes throughout April 2021. In absolute terms, residential mortgage credit grew by $17 billion — the biggest month-over-month increase on record.

Historically-low borrowing costs, coupled with a dwindling supply of homes and surging demand for more spacious accommodation, have created bidding wars across some of Canada’s hottest housing markets. As a result, home values have been sent soaring, forcing Canadians to take on increased levels of debt— something that is becoming a significant concern for the country’s policy makers.

In the meantime, non-mortgage debt— which refers to borrowed funds primarily used for consumption, rose 0.2% in April to $782.7 billion. Statistics Canada also reported that total credit liabilities of Canadian households rose to $2.48 trillion by the end of April, while real estate secured debt, which is comprised of home equity lines of credit and mortgage debt, stood at $1.96 trillion.


Information for this briefing was found via Statistics Canada. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Avino Q2 Earnings: Steady As She Goes

MEG Energy: Cenovus Comes In With $7.9 BILLION Offer

Orla Mining Q2 Earnings: Musselwhite Changes Everything

Recommended

Northern Superior Expands Philibert With 350 Metre Step Out Testing 1.10 g/t Gold Over 25.5 Metres

Goliath Resources Hits 18.58 g/t Gold Over 5.00 Metres At Surebet

Related News

Delinquency Rate on Single Family Mortgages Rises Sharply in June to 2.48%, Up From 0.81% in May

A double-dip recession becomes more and more evident as coronavirus cases continue to soar across...

Tuesday, July 28, 2020, 02:05:33 PM

Canada’s Housing Market Slumps From Record-High In April

Canada’s housing market receded from its record-high in April, as a resurgence in Covid-19 restrictions...

Monday, May 17, 2021, 03:17:00 PM

Canadian Home Sales Continued to Slide in June

Home sales across Canada continued their downward slide in June, as rapidly rising interest rates...

Friday, July 15, 2022, 03:06:00 PM

Bank of Canada Raises Alarm Over FOMO Pushing Housing Prices Higher

The Bank of Canada remains optimistic with regards to the ongoing economic recovery, with plans...

Wednesday, March 24, 2021, 10:43:00 AM

CIBC: Post-Pandemic Population Boom Will Result in Housing Demand Surge

Despite previous calls for a housing market slowdown by the CMHC, it appears that real...

Tuesday, February 2, 2021, 10:48:00 AM