Residential mortgage debt hits $2.16 trillion amid slowest growth in 23 years: CMHC

Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt totalled $2.16 trillion as of February this year, up 3.4 per cent year-over-year and representing the slowest growth in 23 years.

The federal housing agency said in a new report that higher mortgage costs and uncertainty around the Bank of Canada lowering its key interest rate led to softer home sales and prices across many regions in the second half of 2023.

However, it said the slowdown in mortgage growth could be short-lived. 

The agency expects the rate of growth for mortgage debt to increase amid forecasts of higher home sales and prices in the coming years.