CMHC SEES DROP IN NEW MORTGAGES

Jul 31, 2018

By Michael Kramer

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The Canada Mortgage and Housing Corporation says rising interest rates and decreasing home sales are – contributing to a slowdown in the demand for new mortgages.

CMHC says the number of mortgage loans opened in the last quarter of 2017 – dropped by 7.7 per cent from the year before – to 234,000.

But the Crown corporation says the number of consumers with a mortgage – still reached its highest point in the last three years.

Its quarterly mortgage and consumer trends report – has CMHC finding that the growth rate of home equity line of credit debt – more than doubled – when compared to the fourth quarter of 2016.

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