Canadians increased mortgage borrowing in May
Mortgage borrowing increased in May as low interest rates boosted sentiment. Bank of Canada figures show that total household debt was $1.835 trillion, up by 4.8 per cent year-over-year. Mortgages increased by an annualized rate of 5.5 per cent and account for 70 per cent of the total debt. Borrowing on personal loans, credit cards and auto loans rose by 2.8 per cent. For mortgage lenders the three-month data is less positive with average growth in mortgage lending slipping to 5 per cent, the lowest for ten months.
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