Image by Peter Kraayvanger from Pixabay
Highly indebted households used to be a small share of mortgage debt. The share surged in 2016/2017, during Toronto and Vancouver’s mini-bubble. Mortgage stress tests were rolled out to lower the share, and it appeared to work. For a while. Now they’re back with a vengeance, with over 1 in 5 new mortgages going to highly indebted households.
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