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This Week’s Top Stories: Canadian Mortgages Pick Up, But Not Nearly As Much As HELOCs

Time for your weekly cheat sheet on this week’s most important stories.

Canadian Real Estate

Odd: Canadian Mortgage Credit Growth Is Rising, While Consumer Growth Falls
Household credit growth is picking up from earlier this year, but still below last year’s levels. The balance of credit outstanding hit $2.22 trillion in July, up 3.6% from last year. Breaking that down, we see that only mortgage credit has been picking up this year, but consumer credit is decelerating. Both major segments of credit are showing smaller growth than last year.
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Canadian Mortgage Growth Picks Up, But Is Still The Slowest In Over 20 Years
Canadian residential mortgage debt is picking up compared to earlier this year, but is slower than last year.  Outstanding residential mortgage credit reached $1.58 trillion in July, up 3.8% from last year. The rate is the highest level for any month in 2019, but still 2.6% lower than July last year. In fact, this was the slowest 12-month growth for July since 1995. Things are picking up, but they’re a little slower than last year.
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Toronto And Vancouver Homeowners See HELOC Payments Jump
Toronto and Vancouver homeowners are seeing HELOC payments jump significantly faster than mortgages. Toronto’s average HELOC payment reached $593 per month in Q1 2019, up 14.48% from last year. To contrast, the average mortgage payment is $1,752, up 5.42% from last year. Vancouver’s average HELOC payment reached $667 per month, up 12.29% from last year. Compare that, the average mortgage payment reached $1,752, up 5.42% from last year. The average HELOC payment in both cities is growing at nearly 3x the pace of mortgage payments.
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Toronto Real Estate

Toronto Real Estate Prices Hit 18 Month High For Growth, Most Sales Since 2016 
Toronto real estate prices are seeing both growth and sales improve. TREB reported the composite benchmark price reached $802,400 in August, up 4.92% from last year. Sales hit 7,711 for the month, up 12.75% over the same period. Looking at the breakdown, most of the price growth was in condo apartments. The sales jump was largely driven by the 905, which is seeing sales growth rise much faster than the city.
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Vancouver Real Estate

Greater Vancouver Real Estate Prices Enter Technical “Correction”
Greater Vancouver real estate prices are still falling, but a few more buyers returned to the market. REBGV reported the price of a typical home hit $993,300 in August, down 8.3% from last year. Sales increased to 2,231, up 15.7% from last year. Sales are still down 9.2% below the 10-year average for the month, but there is some improvements as prices drop.
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