Canadian real estate owners borrowed another billion of their home equity. Office of the Superintendent of Financial Institutions (OSFI) numbers show the balance of loans secured by home equity hit a new record in October. The balance, which is slowing in growth, is primarily consumers borrowing for personal consumption. Loans Secured By Residential Property Loans […]
Canada’s HELOC Debt Is Growing Just As Fast As Last Year, Even With Higher Rates
Canadian’s withdrawing home equity can’t stop, won’t stop. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate hit a new record high in September. Despite fast rising interest rates, borrowing for HELOCs haven’t slowed down one bit. Loans Secured By Real Estate Loans secured by […]
Canadian Real Estate Owners That Tapped A HELOC Owe An Average of Over $97k
Canadian real estate owners are wasting no time burning though that new equity. Canada Mortgage and Housing Corporation (CMHC), using Equifax data, crunched the number HELOC borrowers across Canada. The agency found two-thirds of borrowers have used their HELOCs, and owe an average of nearly six-figures. Tapped Vs. Untapped HELOC Debt Home equity line of […]
This Week’s Top Stories: Canadians Spend The Most To Maintain Mortgages Since 1993, and They’re Flocking To HELOCs
Time for your weekly cheat sheet on the most important stories of the week. Canadian Real Estate Canadian Real Estate Owners Are Paying The Most To Service Debt Since 1993 Rising interest rates and huge mortgages are eating up household income across Canada. Canadians had a debt service ratio (DSR) of 6.51% in Q2 2018, […]
Canadians Withdrawing Home Equity Is Picking Up Again
Canadian real estate used to borrow more debt reached a new record higher. Office of the Superintendent Financial of Institutions (OSFI) filings show the balance of loans secured by homes reached a new high in July 2018. The vast majority of the balance is due to personal loans like HELOCs, which are actually seeing growth […]
This Week’s Top Stories: New Condo Sales Plummet In Toronto, and Canada’s HELOC Problem Is Over 3x Worse Than The US
Time for your weekly cheat sheet for this week’s most important stories. Canadian Real Estate Canada’s HELOC Problem Is One Of The Biggest Risks For Real Estate Canada’s home equity line of credit problem has reached epic proportions. The balance of outstanding HELOC debt reached $286.81 billion in Q2 2018, up 1.83% from the quarter […]
Canada’s HELOC Problem Is One of The Biggest Risks For Real Estate
Canadian real estate owners received a windfall of equity over the past decade. Rather than selling for a profit, many are turning to home equity lines of credit (HELOC) to reap the rewards. The popular form of debt allows owners to borrow equity in their home, and pay it back like a second mortgage. They’re […]
Canadians Withdraw Another $2 Billion In Home Equity Over A Month
Another $2 billion worth of equity was withdrawn from Canadian real estate in June, sending the outstanding balance to a new record.
Altus: Canadians Turn To HELOCs For Renovations, and 25% Are Seniors
Residential real estate renovations in Canada are being fueled by an extraction of home equity, especially by older Canadians.
Canadian HELOC Debt Hits A New High As The Spending Binge Continues
Canadian real estate owners made a record gain when prices soared, and they’re in a rush to spend it. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate hit a new high in May. The high was led by a surge in personal loans, such […]