According to the BoC, Canadian consumer credit growth is accelerating at its fastest pace since December 2010, increasing by 4.4 per cent year-over-year and reaching a record high of $590 billion at the end of July 2017.
This sum represented 28.4 per cent of all debt in Canada, Better Dwelling reported.
The annualized 3-month trend is currently at 6.8 per cent, also the highest since 2010. The BoC added that the single-month trend was even faster at 7.9 per cent when annualized.
Meanwhile, CMHC recently stated that most Canadian mortgages are held by those with good to excellent credit scores, a trend that has only strengthened since the third quarter of 2015. In Toronto and Vancouver, the ratio of mortgage holders with poor or fair credit scores is now in the single digits.
As of Q1 2017, almost 81 per cent of Canadian mortgage holders had good or excellent credit scores. On the other hand, 10.2 per cent of all mortgage borrowers had poor or fair credit scores.
MBN
We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.
Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!
No comments:
Post a Comment