Higher mortgage costs and uncertainty around the Bank of Canada potentially lowering its key interest rate led to softer home sales and prices across many regions in the second half of 2023
Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16-trillion as of February this year, up 3.4 per cent year-over-year and representing the slowest growth in 23 years.
“In a context where debt levels have never been so elevated and households are showing increasing warning signs of financial struggle, household debt vulnerability is becoming a primary area of concern,” said CMHC deputy chief economist Tania Bourassa-Ochoa in a press release. That’s despite “noteworthy increases” in the discounts being offered by lenders on five-year, fixed-rate mortgages in the first two months of this year, which marked a reversal of the trend from the last half of 2023.
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