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Tag: Canadian HELOCs

Canada

Canadian Home Equity Loans Surged After Regulator Warnings

January 2, 2023

Canadian homeowners have been using their home equity to secure an alarming amount of debt. Filings with OSFI, Canada’s bank regulator, show the value of loans secured by housing continued to advance in October. Over the past year, growth of loans secured by home equity has surged at one of the fastest rates ever. It’s […]

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Canada

Canadian HELOC Debt Is Accelerating As Interest Rates Rise

August 26, 2022

Canadian HELOC debt is climbing at the fastest rate in nearly a decade, despite rising interest rates designed to cool borrowing.

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Canada

Canadian HELOC Debt Hits A 9-Year High For Growth, An Abrupt Surge In Borrowing

July 26, 2022

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.

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Canada

Canadians Took Out $2 Billion In HELOC Debt Over Just 28 Days, Most Since 2012

April 27, 2022

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 — […]

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Canada

Canada’s Bank Regulator Is Targeting CLP Mortgages For Inflating Real Estate Prices

March 10, 2022

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 […]

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Canada

Canadian HELOC Debt Just Made The Biggest Jump Since March 2020

January 25, 2022

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. […]

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Canada

The Smith Maneuver: The Loophole Canadian Real Estate Owners Use To Lower Taxes

December 21, 2021

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 […]

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Canada

Canadian Home Equity Has Been Used To Secure 69% More Debt Than HELOCs Show

December 21, 2021

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 […]

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Canada

Canadian HELOC Balances Rise Another $1.7 Billion In A Month

November 29, 2021

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 […]

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Canada

Canadians Now Owe Over $266 Billion In HELOC Debt

September 30, 2021

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 […]

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