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 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 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 […]
Canadians are suddenly not so hot on borrowing their home equity these days. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by home equity, like HELOCs, made a very small increase in August. Growth has been falling due to the personal loan segment seeing slow growth. Business debt […]
Canadians using their homes at an ATM has slowed down during the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate saw growth disappear in June. The slow down was even larger in the personal loan segment, which began declining for the first time […]
Canadians were seeing credit defaults rise in almost every segment, before the pandemic. Equifax data obtained from the CMHC shows rising credit delinquencies in Q1 2020. The increase was most pronounced in auto and credit card loans. However, all segments but mortgages at a national level are climbing. HELOC Delinquencies Rise To Highest Level Since […]
Canadians have been using their homes as ATMs, but the pandemic is slowing the binge. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured with home equity fell in May. The rate of growth for loans secured with home equity has been dropping over the past few years. Personal […]
Canadians have suddenly stopped borrowing their home equity, and are lowering exposure. At least a little, when it comes to personal loans. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate fell in April. The dip was one of the largest single-month drops over the […]
Canadian homeowners love spending their home equity, but how much is left for an emergency? Bank of Canada (BoC) data shows homeowners have drawn a little over a third of available HELOC credit in Q4 2019. That doesn’t sound bad, until you realize what the distribution looks like. A significant number of homeowners were already […]
Canadians are back to using their homes as ATMs. At least they were, during the first month of the pandemic. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by home equity reached a new high in March. The record is less surprising than the annual rate of growth […]
