Mortgage growth accelerates in May: StatCan

While mortgage debt continues to climb, other forms of borrowing declined in May, finds Statistics Canada.

Total household borrowing rose by 0.2% in May, climbing $5.1 billion to $2.96 trillion.

Mortgage debt drove the growth in household debt, rising by 0.3%, which was faster than its 0.2% rate in April.

Other types of debt retreated a bit in May. Total non-mortgage borrowing dropped by $1.3 billion, 0.2%, led by a 0.4% decline in home equity lines of credit.

Credit card debt continued growing in the month, rising by 0.3%, while other sorts of borrowing contracted by 0.2%.

Additionally, StatsCan noted the total credit liabilities of private non-financial corporations declined by $1.2 billion in May, a drop of 0.1% to $2.09 trillion.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.