Trillion dollar mortgage debt in Canada
A report published last week revealed that total mortgage debt owed through Canada mortgages had crashed through the $1 trillion ceiling for the first time ever.
According to a yearly report from the Canadian Association of Accredited Mortgage Professionals the total outstanding amount at the end of August had climbed to $1.0008 trillion.
The data shows that during the last decade and a half the levels of outstanding private mortgages had grown by nearly 200 per cent an average of 7.5 per cent per year, although from 2004 through 2008 it was building by 10 per cent per year this had slowed as a result of the global credit crisis and was now running at 7.6 annually.
While the figure sounds astronomical the Association believes that Canadian homeowners in general are happy with their mortgage debt and that the majority were responsible in their borrowing and could afford higher payments should the interest rate rise.