Household borrowing
Household mortgage debt increased 0.6% in March to reach $1,989.5 billion, an increase of $12.7 billion from February, marking a slowdown from March 2021 which recorded a 0.8% monthly increase.
On a seasonally adjusted basis, household mortgage debt was up 0.7% from February 2022. The Bank of Canada raised the policy interest rate at the beginning of March (to 0.5%) and again in April (to 1.0%); this has an impact on borrowing costs, especially those tied to variable rate loan products. At the same time, government bond yields have climbed significantly since the beginning of the year, with a notable rise in March, which influences longer term borrowing costs
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