{"id":93,"date":"2021-12-30T16:04:03","date_gmt":"2021-12-30T21:04:03","guid":{"rendered":"https:\/\/www.teamarora.com\/?p=93"},"modified":"2021-12-30T16:04:03","modified_gmt":"2021-12-30T21:04:03","slug":"the-usage-of-helocs-is-growing-at-an-even-faster-rate-the-bank-of-canada","status":"publish","type":"post","link":"https:\/\/www.teamarora.com\/the-usage-of-helocs-is-growing-at-an-even-faster-rate-the-bank-of-canada\/","title":{"rendered":"The usage of HELOCs is growing at an even faster rate \u2013 the Bank of Canada."},"content":{"rendered":"\n<p>According to the Bank of Canada statistics, Canada&#8217;s entire HELOC debt load continued to increase in September 2016, reaching $270.2 billion.<br>According to Better Dwelling&#8217;s analysis of the BoC statistics, the growth rate in October was the highest since May 2019, up 4.4 percent ($11.4 billion) from September 2020.<br>According to Better Dwelling, the market for HELOC debt has also expanded at a greater rate than GDP.<br>&#8220;The monthly expansion for September has surpassed the country&#8217;s flash projections. HELOC debt is now equivalent to 14 percent of GDP, a figure that was just 11.9 percent five years ago,&#8221; Better Dwelling added. &#8220;We&#8217;re seeing a lot of people taking equity out of their homes, which is becoming an increasingly substantial economic force\u2026 The borrowing has been used to compensate for sluggish wage growth.&#8221;<br>HELOCs might make it more difficult for regulators to properly assess consumer credit situations, which might pose significant dangers to both the consumer population and the market as a whole, according to Peter Routledge, Canada&#8217;s superintendent of financial institutions.<br>&#8220;HELOCs and non-traditional housing backed securities can result in larger and more persistent outstanding principal balances, raising the risk of a loss to lenders.,&#8221; Routledge told BNN Bloomberg. &#8220;Furthermore, borrowers may be better equipped to handle financial strain if they utilize their lines of credit to make mortgage payments.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>According to the Bank of Canada statistics, Canada&#8217;s entire HELOC debt load continued to increase in September 2016, reaching $270.2 billion.According to Better Dwelling&#8217;s analysis of the BoC statistics, the growth rate in October was the highest since May 2019, up 4.4 percent ($11.4 billion) from September 2020.According to Better Dwelling, the market for HELOC [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":94,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[8,9],"class_list":["post-93","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-news","tag-resale"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Homes for sale in The usage of HELOCs is growing at an even faster rate \u2013 the Bank of Canada. | The usage of HELOCs is growing at an even faster rate \u2013 the Bank of Canada. 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