The numbers agree: Canadian homeowners are borrowing more than ever — and most of the money being loaned is going towards mortgages. According to Statistics Canada, Canadian households borrowed $28.9 billion in the second quarter of 2017, up from $25.4 billion in the first quarter.
Mortgages made up more than half of the amount borrowed. In Ontario, residential mortgages have seen a rapid increase over the past three years. Total mortgage values shot from $154.81 billion in 2014 to $219.89 billion in 2016. And 2017 has the potential to shoot past that total volume.
Teranet Market Insights has the latest numbers to dive: https://www.teranet.ca/commercial-solutions-blog/teranet-market-insights-report-sept-2017/ or call Teranet today at 1-866-237-5937.