Published on 29 May 2024 on CBC via Yahoo Finance
New homes are built in the west end of Ottawa in 2021. High interest rates contributed to fewer home sales and softer prices across many regions in February, according to Canada's housing agency. (Sean Kilpatrick/The Canadian Press - image credit)
Mortgage debt grew at its slowest pace in 23 years in February, amid high borrowing costs and reservations related to the Bank of Canada's key interest rate — but the slowdown likely won't last, according to Canada's housing agency.
Canadian mortgage debt totalled $2.16 trillion that month, up 3.4 per cent from the same period last year — a historically low growth rate, according to a report from Canadian Mortgage and Housing Corporation (CMHC).