Mortgage Debt in Canada climbs to 3-year high in May

Data from the national housing agency reported that Canadian Mortgage debt went up at the fastest annual rate in 3 years due to increased property sales and high levels of payment deferrals due to the COVID-19 pandemic. 

The CMHC reported that mortgage debt rose 6 per cent year-over-year in May, the fastest since July 2017. 

The top 6 banks reported mortgage deferrals of 13.5 per cent in the 3 months through July, and mortgage debt growth also went up in April after climbing g 5.1 per cent in the first 3 months of 2020.

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