Subprime Mortgages Surge in Canada

Canadians seem to need more exotic mortgages these days to afford a roof over their head.  Higher risk (subprime) mortgages have been growing 50% a year in Canada.

Of no coincidence, the Canadian Real Estate Association says the average Canadian home price jumped to a record $311,101 in February 2007, up 10% from 2006.

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