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MNI BRIEF: Canada Mortgage Debt Tops CAD2 Tln As BOC Tightens

(MNI) Ottawa
OTTAWA (MNI)

Central bank has said indebted households may mean cautious rate hikes.

Canadian mortgage debt topped CAD2 trillion in April, the government statistics office said Friday, more evidence of the frothy housing market that had given the BOC some hesitation about how fast it can raise interest rates without shocking consumers.

Mortgage debt rose 0.7% to CAD2.004 trillion, continuing its climb as the Bank hiked 50bp to 1%, a move followed up earlier this month with another 50bps. Canada's housing market is one of the world's most overheated and mortgage debt has nearly doubled over the last decade.

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Canadian mortgage debt topped CAD2 trillion in April, the government statistics office said Friday, more evidence of the frothy housing market that had given the BOC some hesitation about how fast it can raise interest rates without shocking consumers.

Mortgage debt rose 0.7% to CAD2.004 trillion, continuing its climb as the Bank hiked 50bp to 1%, a move followed up earlier this month with another 50bps. Canada's housing market is one of the world's most overheated and mortgage debt has nearly doubled over the last decade.

Keep reading...Show less