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Canadian Homeowners Taking Out More Mortgage Financing Than Ever

The numbers agree: Canadian homeowners are borrowing more than ever — and most of the money being loaned is going towards mortgages. According to Statistics Canada, Canadian households borrowed $28.9 billion in the second quarter of 2017, up from $25.4 billion in the first quarter.

Mortgages made up more than half of the amount borrowed. In Ontario, residential mortgages have seen a rapid increase over the past three years. Total mortgage values shot from $154.81 billion in 2014 to $219.89 billion in 2016. And 2017 has the potential to shoot past that total volume.

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