Home Builder Canada Readers survey
newsletter
NP_lineHome Builder Magazine New Products Online
NP_line
Computers, Educational
&Technology

NP_line
Electrical & Mechanical
NP_line
Exteriors
NP_line
Finishes & Surfaces
NP_line
Kitchens & Baths
NP_line
Landscape & Design
NP_line
Speciality Products
NP_line
Structural
NP_line
Tools & Equipment
NP_line
Windows & Doors
NP_line
New Products home
NP_line



External Links: Associations & Governments. Builders & Renovators . Manufacturers & Suppliers

Home . About Us . Subscribe . Advertise . Editorial Outline . Contact Us . Current Issue . Back Issues . Jon Eakes



© Copyright - Work-4 Projects Ltd.

HELOCs debt at $290 billion

October 12, 2018

Canadians have racked up $290 billion in home equity lines of credit (HELOC) balances, according to Canada Mortgage and Housing Corp. (CMHC), with B.C. homeowners owing the most per household but Atlantic Canada homeowners taking out the highest percentage of loans.
According to the CMHC report Homeowners’ Debt at a Glance, which uses Equifax data, there were more than 3.1 million HELOCs in the first quarter of 2018—about 1.1 million of which were untapped, for a usage rate of 66.3 per cent. At 73.9 per cent, usage was highest in Atlantic Canada and, at 63.2 per cent, lowest in B.C.
Despite B.C.’s low use, the province averages $124,000 in HELOC debt—the highest in Canada.
Atlantic Canada’s inexpensive homeownership market has the country’s lowest average credit balance. The region comprises 7.7 per cent of Canadian HELOC holders with their debt amounting to 3.9 per cent of national HELOC levels.
Homeowners’ Debt at a Glance also showed that, nationally, mortgages make up 66 per cent of all outstanding household debt and HELOCs account for 11 per cent—real estate is backing more than 75 per cent of household debt.

 

 

homeBUILDERcanada.com | Home BUILDER Magazine | Canada's #1 Information Source for Residential Home Builders and Professional Renovators

HB house ad sub
Home Builder Magazine Ask Jon Eakes
Home Builder current issue