Canadians just crossed the 1 Trillion threshold for mortgage debt according to recent report cited in the Canadian Press today. Wow this is a lot of money! But this is good news even though it is largely due to high home prices and low interest rates because Canadians report they can afford to pay another $300 more per month if needed. And 35% of Canadians either made a lump sum payment or increased their payment in the last 12 months. If you are still not convinced that we are in good shape know this – mortgage arrears is lower now than in the 90’s at .42%. Show that to the world!
And Canadians are getting smarter too because 25% used a mortgage broker to arrange a new mortgage this year. That’s a 40% increase over last year.