9 November 2012
It looks like the taken measures start working.
“The slowing of credit growth certainly reflects a decrease in the mortgage growth, which was down to its three-year low,”- the report suggests.
“The signs of a decline at the Canadian housing market activity mean that mortgage growth is very likely to slow down in the next months. This tendency matches our forecasts of a slower household debt growth till the early 2013.”
RBC suggests that Canada’s real estate market is cooling, but mortgage growth was 7% higher than a year ago. In the same time, the growth of other credit types slowed down for the second consecutive month showing only 2.6%.