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Mortgages Lead Credit Growth as Delinquency Rates Decline
Author:
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.
Keywords:
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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