Soaring home prices over the past year have forced a majority of today's homebuyers to use the maximum mortgage amounts they've been approved for.
Canada's hot housing market was behind a 41.2% annual increase in new mortgages as of the first quarter, Equifax Canada reported.
Home prices may be astronomical in certain parts of the country, but historically low mortgage rates are allowing borrowers pay off their mortgages faster than ever.
Canada's average home price rose 31.6%—or $172,361—over the last 12 months, to yet another record-setting high in March.
When Interest Rates Inevitably Rise… In a new report on “household indebtedness and financial vulnerability,” the Parliamentary Budget Office (“PBO”)...