Mortgage Debt Being Reduced At Record Pace!
Mortgage Debt Being Reduced At Record Pace
According to Benjamin Tal, CIBC Economist, and contrary to the Bank of Canada's estimates mortgage debt has decoupled from home sales. Home sales are still moving along at a good pace but mortgage debt is about half the pace it used to be.
Reasons for this is people with mortgages are paying down their mortgages more quickly much a do to the lower rates we've been benefiting from.
People are making lump sum payments, accelerating the payments as well as taking advantage of other ways of paying down their mortgage. One way of doing this is keeping your mortgage payment dollar amount the same even though your rate may have fall when you renew your mortgage.
See this interesting article for more of this encouraging news… Read HERE.