Majority of Canadian Buyers Borrowing Their Maximum Approved Mortgage Soaring home prices over the past year have forced a majority of today’s homebuyers to use the maximum mortgage amounts they’ve been approved for. More than 65% of recent buyers bought the maximum amount of house they could afford, according to the Canada Mortgage and Housing [&hellip…
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Canadians piled on mortgage debt during COVID-19. Now economists fear a ‘significant’ correction in the market If you bought a home during the COVID-19 pandemic, chances are you took on more debt than those who bought one just ahead of the global crisis. The total number of mortgage purchases shot up in 2020, as buyers scrambled [&hellip…
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Mortgage credit grew in the fourth quarter of 2020 as Canadian consumers took steps to reduce all other forms of debt, according to new data from TransUnion. The credit agency’s Q4 Industry Insights Report showed mortgage credit grew 5.6% year-over-year, while the average balance of mortgage loans outstanding rose 5.7% to $292,863. Meanwhile, new originations [&hellip…
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