October 2024 Economic Brief

Data shows Mortgage and Home Equity Lines of Credit (HELOC) usage varies across Canadian cities, influenced by home prices, supply, interest rates, inflation, and job market conditions. Toronto has $422B in mortgage debt and $3B in monthly payments, reflecting high demand and prices. Vancouver follows with $192B in mortgage debt and $1B in payments. Both cities have high HELOC balances, with $50B in Toronto and $25B in Vancouver, showing residents are using home equity for financial needs.