Average new mortgage tops $300,000 for first time as consumer debt in Canada hits $2 trillion

Consumer debt in Canada rose 3.8 per cent in the third quarter to $2.041 trillion, driven by the surging housing market and new auto loans, Equifax Canada’s latest report reveals. Mortgage balances were up 6.6 per cent from the year before and the average new mortgage loan rose 8.6 per cent to exceed $300,000 for the first time. “Homebuyers are largely...