Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian Mortgage Arrears Hit A 5-Year High, Banks Shrink Books Canadian banks saw mortgage arrears hit a five-year high, but that isn’t their only problem. CBA data reveals the mortgage arrears rate climbed to 0.25% in October. At the same time, banks […]
Canadian consumer borrowing is suddenly accelerating, and home equity borrowing was no exception. Bank of Canada (BoC) data shows Home Equity Lines of Credit (HELOC) borrowing just saw the biggest September growth since 2009. The increase is part of a broader trend that’s pushed annual growth to the highest rate in nearly 13 years. What […]
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 […]
Canadian HELOC debt is climbing at the fastest rate in nearly a decade, despite rising interest rates designed to cool 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.
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 — […]
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 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. […]
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 […]
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 […]
