Household borrowing
In April 2022, household mortgage debt surpassed $2 trillion in Canada, increasing by 0.7% (+$13.5 billion) from March to reach $2,003.8 billion. On a seasonally adjusted basis, household mortgage debt was up 0.7% in April, a slight deceleration from the 0.8% average increase recorded over the previous three months.
The Bank of Canada raised the policy interest rate to 1.0% in April and government bond yields continued to rise in the same month, further impacting borrowing costs. The volume of existing home sales decreased by 13.8% in April from the previous month, while the average sales price fell below the $750,000 mark. According to the New Housing Price Index, new home prices for Canada also showed some signs of slowing, rising 0.3% in April compared with an average increase of 1.1% in the first three months of the year.
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