Newspaper article The Canadian Press

TransUnion: Average Mortgage Balance in Canada Rises Five per Cent

Newspaper article The Canadian Press

TransUnion: Average Mortgage Balance in Canada Rises Five per Cent

Article excerpt

TransUnion: Average mortage balance up

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TORONTO - TransUnion Canada says the average amount owing on mortgages was up nearly five per cent in the second quarter, even though a change in Ontario regulations last spring appears to have reduced the volume of home sales.

The credit monitoring agency says the average mortgage balance in this year's second quarter was $198,781, up 4.8 per cent from that period last year.

TransUnion says the increased mortgage balance has been driven by rising home prices.

The average new-mortgage balance in the first quarter of 2017 -- the most recent reported data -- was up eight per cent from the same time last year at $280,093, despite a 10 per cent decline in mortgage orginations, or new home loans. …

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