A new report from Statistics Canada has shed some light on the Canadian housing market and the debt Canadians are taking on to go along with it.
The report says that Canadians grew household mortgage debt by one percent to $1.69 trillion by the end of April, the fastest growth since 2010. Compared to April last year, the mortgage debt is up 7.8 percent.
The craziest part is when you combine the mortgage debt with the $250 billion debt that Canadians have racked up with traditional mortgage debt then it reaches the eye-watering number of $1.961 billion. Basically the same number as Canada’s full GDP in March ($1.979 billion).
Housing prices are back on the rise too as Canada inches out from under the COVID-19 lockdowns so it seems likely that this number is primed to grow until the market cools again at the end of the year or at some point in 2022.