2 February 2011
New mortgage forecasts are announced
Recently new forecasts were announced: in the next two years mortgages and personal lending are expected to increase 3% – 5% among the big Canadian banks.
According to the central bank, in November the annual growth in personal credit lines fell to 8.9%. Actually, it’s down by more than a half from 21% in August 2009. In addition to it, the personal loan growth was down to 11% (from 17% in July 2009).
“It seems people are starting to understand that it’s necessary to be more careful with mortgages”, – said CIBC senior economist Benjamin Tal.