DBRS says that residential mortgage credit has continued to grow at a steady space thanks to low interest rates. Its figures show a 5.3 per cent rise in the market to the end of 2016, totalling $1.43 trillion.
The credit bureau’s report highlights the continued rise in housing prices with a 2.7 per cent increase year-over-year to February 2017, driven by the 27.6 per cent surge in the GTA. The average home sale price is $504,949.
The report says that the surge in home prices has made it hard for the average family to qualify for an insured mortgage, particularly in Vancouver and Toronto.
DBRS reports that the quality of mortgages varies regionally with Ontario and BC showing declines in the percentage of mortgages in arrears, while the Atlantic provinces, Saskatchewan and Alberta have shown increases year-over-year.
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