24 August 2018

If your score is higher than that, you are more likely to get a loan. A “good” score is between 680 and 719 range, while “very good” varies in 720 and 779 range. Everything higher is considered “excellent”.

According to the CMHC, Vancouver showed the highest average score of 776 in the first quarter of 2018, marking a 6-point rise in 5 years.

At the same time, the largest increase during the same period was seen in Toronto. Here the average credit score went up by 10 points and reached 775.

Another report from the OSFI shows that more Canadians tend to use their home equity for securing loans. As a result, the outstanding balance of HELOCs across the country reached a record high level of $258.97 billion in June.

The total outstanding balance of all loans secured by homes also hit a record $286.81 billion. OSFI says about $2.169 billion were added in May and June.