Canadians Are Borrowing Against Real Estate At The Fastest Pace Ever
Canadian real estate prices have soared, and so did borrowing against that value. Our analysis of domestic bank filings from the Office of the Superintendent of Financial Institutions (OSFI) shows that loans secured against property has reached an all-time high. More surprising is the unprecedented rate of growth experienced this year.
Total Canadian Loans Secured Against Residential PropertyJan 2012Jul 2012Jan 2013Jul 2013Jan 2014Jul 2014Jan 2015Jul 2015Jan 2016Jul 2016Jan 2017$240$260$280$300$320Canadian Dollars (in Billions)
| Month | Total (in billions) |
|---|---|
| Jan 2012 | 252.67 |
| Feb 2012 | 251.43 |
| Mar 2012 | 268.75 |
| Apr 2012 | 255.17 |
| May 2012 | 258.07 |
| Jun 2012 | 260.07 |
| Jul 2012 | 258.96 |
| Aug 2012 | 259.64 |
| Sep 2012 | 261.66 |
| Oct 2012 | 263.1 |
| Nov 2012 | 262.24 |
| Dec 2012 | 262.69 |
| Jan 2013 | 257.82 |
| Feb 2013 | 259.97 |
| Mar 2013 | 259.22 |
| Apr 2013 | 261.72 |
| May 2013 | 262.22 |
| Jun 2013 | 262.91 |
| Jul 2013 | 260.75 |
| Aug 2013 | 261.77 |
| Sep 2013 | 260.87 |
| Oct 2013 | 261.99 |
| Nov 2013 | 262.54 |
| Dec 2013 | 262.57 |
| Jan 2014 | 265.15 |
| Feb 2014 | 264.87 |
| Mar 2014 | 263.4 |
| Apr 2014 | 263.78 |
| May 2014 | 265.75 |
| Jun 2014 | 265.91 |
| Jul 2014 | 267.76 |
| Aug 2014 | 267.97 |
| Sep 2014 | 269.29 |
| Oct 2014 | 269.57 |
| Nov 2014 | 269.45 |
| Dec 2014 | 273.93 |
| Jan 2015 | 277.08 |
| Feb 2015 | 281.41 |
| Mar 2015 | 282.17 |
| Apr 2015 | 278.67 |
| May 2015 | 280.8 |
| Jun 2015 | 284.45 |
| Jul 2015 | 285.66 |
| Aug 2015 | 283.94 |
| Sep 2015 | 285.85 |
| Oct 2015 | 283.14 |
| Nov 2015 | 286.56 |
| Dec 2015 | 286.92 |
| Jan 2016 | 285.29 |
| Feb 2016 | 283.87 |
| Mar 2016 | 282.05 |
| Apr 2016 | 279.04 |
| May 2016 | 282.34 |
| Jun 2016 | 282.16 |
| Jul 2016 | 283.65 |
| Aug 2016 | 285.6 |
| Sep 2016 | 286.17 |
| Oct 2016 | 290.61 |
| Nov 2016 | 291.01 |
| Dec 2016 | 290.62 |
| Jan 2017 | 293.46 |
| Feb 2017 | 296.34 |
| Mar 2017 | 297.14 |
| Apr 2017 | 301.02 |
| May 2017 | 303.26 |
| Jun 2017 | 313.67 |
Total balance of loans secured against residential real estate across Canada, as determined through regulatory filings from all domestic banks. Source: OFSI, Better Dwelling.
Canadians Borrowed Against Over $313 Billion In Real Estate
Loans secured against residential real estate shattered a few records in June. Over $313.66 billion in real estate was used to secure loans, up 3.43% from the month before. The rise puts annual gains 11.16% higher than the same month last year, an increase of $31.51 billion. The monthly increase is the largest increase since March 2012. The annual gain is unprecedented according to an aggregate of domestic bank filings.
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