Canadian Mortgages Are Now So Large, The Benefit Of Low Rates Is Minimal

Posted by BetterDwelling

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Canadian households are sending a lot more cash to lenders, but it’s not paying their debt down. Statistics Canada (StatCan) data shows household mortgage payments jumped in Q2 2019. Rising payments are seeing fewer dollars pay off debt, and more towards carrying it.

Canadians Paid Over $93 Billion On Mortgages

Canadian real estate owners paid a new record amount for mortgage debt. Over $93.15 billion in payments were made towards mortgage debt in Q2 2019, up 1.85% from the previous quarter. Compared to the same month last year, this number is 7.70% higher. The dollar amount dedicated has never been higher, but that’s not all that surprising. The surprising part is fewer dollars are going towards paying down the actual debt….CLICK for complete article