The September figures come in the wake of Q2 numbers from Statistics Canada that showed the ratio of national mortgage debt to GDP reaching 84.28%. To compare, the level was 69.13% of GDP during the same time last year, and 59.02% a decade prior.
“That means during that period, mortgage debt grew over 40% faster than GDP,” Better Dwelling said in a separate analysis. “Considering this ratio was just 39.62% in 2000, that’s a huge increase. Especially if the economy doesn’t just bounce back to pre-pandemic levels of activity soon.”
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