Canadian households, wooed by historically low interest rates, have accumulated mortgage debt at a rate never seen in a recessionary period. Are they ready for higher mortgage interest rates? In a recently released joint whitepaper, Equifax Canada and CIBC take a closer look at the health of the Canadian housing market at this critical point.
Recent figures suggest that the Canadian housing market rally is fading. During April and May, overall sales fell by a cumulative 21.5% while new listings fell by more than 12%. Recent figures from the Greater Toronto Area (GTA) show continued weakness in June with sales falling by 9.1% — led by the low-rise segment of the market.
Download the full whitepaper here