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Mortgages Lead Credit Growth as Delinquency Rates Decline

Steve Huebl
Publication date:
March 9, 2021
Article Summary: 

Mortgage credit grew 5.6% year-over-year, while new originations of unsecured credit were mostly down. Total credit growth in the quarter rose 3.7% to $68.9 billion, driven "overwhelmingly" by mortgage growth. Delinquency rates remain at record lows, with credit cards being the only form of credit to see a small rise in delinquencies. Non-mortgage delinquencies in Canada were down 28% year-over-year, with the lowest rate in Southern Ontario at 0.05%. Delinquency rates in major metro areas were also down significantly, with Toronto, Montreal, and Vancouver having the lowest rates.


housing market, housing, mortgages, interest rates, Canadian housing market, Canadian housing market report, housing market trends, housing prices, GTA real estate

Source Citation: 
Steve Huebl
Mortgages Lead Credit Growth as Delinquency Rates Decline
March 9, 2021
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