top of page
< Back
Category:

Educational Materials/Courses

Save this article  > 

The Latest In Mortgage News: Mortgage Debt Soars As Credit Card Debt Falls To 6-Year Low

Author: 
Steve Huebl
Publication date:
July 16, 2022
Article Summary: 

Canadian consumer debt reached $2.08tn, up 4.78% YoY, due to a 41.2% YoY increase in new mortgages in Q1 2023. Meanwhile, credit card debt fell 9.9% YoY to its lowest level in six years. The average non-mortgage consumer debt is now $20,430, down 4.2% from Q1 2020. M3 Group acquired Outline Financial, and the Canada Mortgage and Housing Corporation has returned to pre-pandemic underwriting practices. The minimum credit score needed for approval by the CMHC is back to 600 from 680.



Keywords: 

mortgage debt, credit card debt, Canada, Equifax, housing market, interest rates, mortgage stress test, consumer debt, spending, pandemic, M3 Group, Outline Financial, brokerage, CMHC, mortgage underwriting practices, market share, Sagen, Canada Guaranty, GDS, TDS, credit score.



Source Citation: 
Steve Huebl
The Latest In Mortgage News: Mortgage Debt Soars As Credit Card Debt Falls To 6-Year Low
July 16, 2022
https://www.canadianmortgagetrends.com/2021/07/the-latest-in-mortgage-news-mortgage-debt-soars-as-credit-card-debt-falls-to-6-year-low/
Did you find this article useful? 
Your feedback is important not only to us, but to all the other key players in the condo industry.  Help us by letting us know if this article is relevant and useful.  This will help us prioritize articles that provide helpful guidance to other key players like you. 

Please login to use this feature.

bottom of page