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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





29 July 2019

Volume of loans secured by housing keeps growing

According to the recent report by the Office of the Superintendent of Financial Institutions (OSFI), the national balance of loans secured by residential housing rose to a record high mark of $301.18 billion in May.

Although a monthly increase was as small as 0.08%, which is much lower than the average number, a year-over-year comparison shows a 5.73% gain. It’s the second largest May growth in almost 7 years.

The report says $268.56 billion out of the overall number went into personal loans, which means consumers tend to use the equity for paying other bills more often. The monthly increase reached 0.06%, while the annual gain was 4.58%.

“When this sector shows strong growth, many consider it a point of concern. The Canadian government believes it may distort the financial distress statistics,” - Better Dwelling noted.

The report followed OSFI’s previous data saying the outstanding balance of reverse mortgage debt in Canada rose by 28.25% annually and reached $3.66 billion in April.

Specialists say such increase is excessive amid lower results in other credit sectors. “And as Canada’s population ages, we’ll see more consumers without cash but with expensive houses entering the segment”.

 

 

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