Canadian HELOC Debt Is Accelerating As Interest Rates Rise
Canadian HELOC debt is climbing at the fastest rate in nearly a decade, despite rising interest rates designed to cool borrowing.
Canadian HELOC Debt Hits A 9-Year High For Growth, An Abrupt Surge In Borrowing
Canadian HELOC debt is starting to surge as homeowners tap their home equity at a time when credit is tightening and home prices are falling.
Canadians Took Out $2 Billion In HELOC Debt Over Just 28 Days, Most Since 2012
Canadian interest rates are on the rise and households apparently took that as a warning to borrow as much as possible. Filings with the Office of the Superintendent of Financial Institutions (OSFI) show home equity line of credit balances surged higher in February. Over 28 days, Canadians borrowed $2 billion more in HELOC debt — […]
Canada’s Bank Regulator Is Targeting CLP Mortgages For Inflating Real Estate Prices
Canadian real estate has a new risk factor catching the attention of regulators — CLPs. Combined Mortgage-HELOC Loan Plans (CLPs), better known as readvanceable mortgages, are fueling higher home prices. That was the take from OSFI, the country’s bank regulator. CLPs are rarely mentioned by regulators, but they’ve come up in several speeches since last […]
Canadian HELOC Debt Just Made The Biggest Jump Since March 2020
Canadian owners eased on home equity line of credit (HELOC) debt, but they’re warming up to using them again. Office of the Superintendent of Financial Institutions (OSFI) data shows an abrupt jump in HELOC debt for November. The credit segment had been shrinking for over a year, with only a few minor monthly bumps higher. […]
The Smith Maneuver: The Loophole Canadian Real Estate Owners Use To Lower Taxes
Canadians often complain mortgage interest isn’t tax deductible, like in the US. Some argue this is a trade off for the capital gains exemption Canadian homeowners have. However, one of the worst kept secrets in finance is mortgage interest can be turned into a deduction. One of those strategies is the Smith Maneuver, created by […]
Canadian Home Equity Has Been Used To Secure 69% More Debt Than HELOCs Show
Canadians tapped a lot more equity than their home equity line of credit (HELOC) balances show. Office of the Superintendent of Financial Institutions (OSFI) filings show loans secured by homes jumped in October. HELOC debt is the most common type of loan secured by homes, but represents just a small share of the debt. Homeowners […]
Canadian HELOC Balances Rise Another $1.7 Billion In A Month
Canadian homeowners are tapping their real estate windfall to fund a spending binge. Bank of Canada (BoC) data shows home equity lines of credit (HELOC) debt surged in September. HELOC debt slowed last year but now it’s back with a vengeance, growing faster than the economy. Experts say it provides a boost to the economy […]
Canadians Now Owe Over $266 Billion In HELOC Debt
Canadians are once again comfortable spending their recent home equity windfall. The balance of home equity line of credit (HELOC) debt reached a new record high in July. Growth has recovered from last year’s low, and is now at the highest level since before the pandemic. Canadians Owe Over $267 Billion In Debt Secured By […]
Canadians Now Owe Over $260 Billion In HELOC Debt, A New All-Time Record
Canadians aren’t using their homes like an ATM. At least not as much as you would think. Bank of Canada (BoC) data shows home equity line of credit (HELOC) balances reached a record high in March. It barely did so, with a rate of growth so low it would be negative if inflation adjusted. This […]
