Friday

Mortgage markets healthy in Canada

Canadians remain untouched by the severe credit woes gripping the U.S., where the collapse of the mortgage market has triggered rising delinquency and foreclosure rates and left households saddled with debt, says a report from CIBC World Markets. Household credit is rising at an annual rate of well over 10% with both mortgage and consumer credit growing strongly while short-term business credit is expanding at close to 20-year highs, figures from the Bank of Canada and chartered banks show.The borrowing trend speaks to the strength of Canada's domestic economy, even as overall economic growth is slowing significantly this year.The report, prepared by the Canadian Imperial Bank of Commerce, supports the Bank of Canada's view that the country has been less affected than Europe and the United States by the financial market breakdown that originally stemmed from the U.S. subprime mortgage market.

1 comments:

Darin said...

Still healthy in Canada but has suffered recently due to U.S. mortgage mess. As well, several Canadian lenders have closed shop recently due to having problems finding funds.

Copyright | The Mortgage Man Abbotsford Real Estate