Mortgage growth in Canada hasn’t been this weak since 2001

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According to the Bank of Canada, residential mortgages were up just 3.1% in December from 2017’s numbers; the growth rate hasn’t been that low since mid-2001.. the growth rate hasn’t been.

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Mortgage growth in Canada hasn’t been this weak since 2001 Borrowing costs are rising for the first time in almost a decade, and recent rule changes are making it tougher to get a mortgage

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Total residential mortgage credit grew just 0.3% on average over the last three months, according to new data from the Bank of Canada. Representing the slowest rate since 2001, this was down from 0.47% at the end of 2017, and about half the average 0.57% pace seen over the past twenty years.

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The Bank of Canada’s quarterly economic reports have a list of things that could upend the outlook. In the October report, there were five: stronger-than-expected U.S. growth; higher-than-expected oil.

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Real Canadian Mortgage Growth Points to Early-80s-Style. – Real mortgage credit is at 1.14% growth in September, 71% lower than last year. The rate is falling at nearly twice the pace most people are expecting. real credit growth hasn’t been this low since 2001, and even then it was only this low for 4 months. The low growth will most likely to turn negative, considering the current trend.