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Stock impact report

Mortgage debt may blow past $2 trillion in 2026, Equifax Canada says [Yahoo! Finance Canada]

Equifax, Inc. (EFX) 
Last equifax, inc. earnings: 4/20 05:24 pm Check Earnings Report
US:NYSE Investor Relations: investor.equifax.com
from the previous year, according to the latest market pulse report from Equifax Canada Inc. Despite the central bank's policy interest rate falling from prior peaks to 2.25 per cent and home prices declining in some parts of the country, “it's still tricky (for) a first-time home buyer trying to purchase your first home,” said Rebecca Oakes, vice-president, advanced analytics at Equifax Canada, who said she is expecting mortgage debt to surpass the $2 trillion mark this year. Average new mortgage amounts have continued to rise, hitting $363,778 for all homebuyers (a four per cent increase) and $441,301 for first-time buyers (a five per cent increase). Oakes said missed mortgage payments have also been creeping higher, especially in higher-cost provinces like Ontario. “We (are seeing) that knock-on impact of coming off super low rates and the COVID period,” she said. Meanwhile, lender switching has soared by 30 to 40 per cent compared with the second half of 2024 due to homeow Show less Read more
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