Heddle Real Estate - Royal LePage State Realty Brokerage

By Mike Heddle
Posted Monday, Jun 27, 2022 10:18 am

Canadians Borrowed $22 Billion More In Home Equity, A New Record For Growth

Canadian real estate values are soaring, but owners don’t want to sell to tap that windfall. Instead they’re taking out loans against the equity — big loans. Regulatory filings reveal a surge in home equity line of credit (HELOC) debt in April 2022. However, HELOC debt is just a part of the total for home equity loans. Including similar loan products, the size of debt nearly doubles. They’re also growing at one of the fastest rates in history, despite higher interest rates.

Canadian HELOC Debt Is Rising At The Fastest Rate Since 2013

Canadian HELOC debt is climbing after sliding in popularity for a few months. The outstanding balance reached $168.8 billion in April. This is an increase of 0.9% ($1.6 billion) from the month before and 1.8% ($3.1 billion) higher than last year. HELOC debt has generally been on the decline since 2010, but the trend is now...[READ MORE]

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Heddle Real Estate is an award-winning real estate team serving Hamilton, Ancaster, Stoney Creek, and the greater Niagara region with trusted expertise and a client-first approach.