Mortgage growth slows but debt remains at record highs
| | |

Mortgage growth slows but debt remains at record highs

As of January 2023, residential mortgage debt in Canada stood at $2.08 trillion, an increase of 6% compared to January 2022, but the rate of growth slowed compared to recent years. Inflation, rapidly rising interest rates, and cooling housing markets across the country weakened consumer confidence in 2022, resulting in fewer consumers looking to purchase…