The $11 billion in mortgage payments BoC doesn't know about

Financial Post

The Bank of Canada may not realize this, but Canadian mortgage debt is not nearly as bad as the central bank fears, says a leading economist.  Benjamin Tall, deputy chief economist of the Canadian Imperial Bank of Commerce says we are on a record spree in terms of paying down our mortgages earlier than anticipated  and that's improving our debt service performance.  "An important force behind the slowing pace of mortgage activity in the face of healthy unit sales is the increased propensity of Canadian borrowers to pay back principal," says Mr. Tal , in an economic note published Wednesday.

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Michael James

Michael James

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