OTTAWA, July 18, 2017 /CNW/ - While the credit situation of mortgage holders in Canada remains stable, record high levels of household debt underscores the need to keep a close eye on trends and developments.
A new CMHC report, Mortgage and Consumer Credit Trends, offers a deeper look into those trends and developments using recently acquired data from the credit reporting agency Equifax. It allows us to assess the credit situation of Canadian consumers and mortgage holders and present findings never before available. This report looks at trends in the mortgage market including new loans, other debt, monthly obligations and mortgage distribution by age as well as risks such as delinquency in mortgages and other credit, credit score and bankruptcy.
This national, quarterly report follows Homeowners' Debt at a Glance, a series of "quick-read" analyses of consumer credit data focused on homeowners, mortgage holders and potential homebuyers' debt and credit use. These reports are part of an on-going effort to address "data gaps" and better understand factors influencing housing systems in Canada.
- 2016 saw approximately 1.03 million new mortgage loans representing about $269 billion, a 9% increase from 2015.
- While the credit situation of Canadians has generally improved, those with a mortgage have performed better.
- The overall trend for mortgage delinquency rates is improving.
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As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers objective housing research and information to Canadian governments, consumers and the housing industry.
"Household debt is a key concern for Canada's housing and finance systems. Using data collected by Equifax, CMHC is able to provide reliable, impartial and timely information on credit trends and developments in Canada."
Senior Statistical Researcher
Canada Mortgage and Housing Corporation
SOURCE Canada Mortgage and Housing Corporation
For further information: Audrey-Anne Coulombe, Media Relations, (613) 748-2574, email@example.com