Canadian Mortgage Debt Grows At Fastest Pace Since 2010, Adding Over 6% Of GDP

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Canada might be in the middle of a pandemic with a shuttered economy, but it hasn’t slowed mortgage growth. Bank of Canada (BoC) data shows residential mortgage credit hit a new record high in December. The rate at which mortgage debt was the shocking part though.

Mortgage debt is now growing at the fastest pace since the Great Recession, prior to the slowdown. To put it in a less abstract way, mortgage debt grew by the equivalent of 6% of GDP, just over the past year. It’s a lot of mortgage debt, by any measure. 

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Original Article Source Credits:   Better Dwelling ,

Article Written By:  Daniel Wong

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