Residential mortgage debt continued to surge across Canada throughout 2021 amid a continuing low-rate environment, with CMHC revealing that it had climbed by 9% over the previous year – “the result of strong activity in the housing market and the record-low interest rates.”
As those interest rates plummeted throughout the pandemic, Canadians’ interest in variable-rate mortgages soared, a development that will come as little surprise to mortgage professionals across the country. CMHC said that the increasing discounts on those options contributed heavily to their popularity.
That was a particularly noteworthy trend, Bourassa-Ochoa said, because variable-rate options have traditionally not been the preferred choice of mortgage for a majority of Canadians.
“What’s really interesting about that is that, historically speaking, Canadians…