Household borrowing
Household mortgage debt rose 0.5% to reach $1,965.8 billion in January 2022, an increase of $10.2 billion from December 2021.
On an unadjusted basis, while the volume of existing home sales decreased in January, a relatively quieter month for this activity, the average sale price climbed to roughly $750,000 on rising home prices. According to the New Housing Price Index, new home prices for Canada grew by 0.9% in January 2022. Compared with January 2021, mortgage debt increased 10.6% in January 2022.
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