Household mortgage debt jumped by a record $17.7 billion in April, according to new data from Statistics Canada.
The national statistical agency reported that mortgage borrowing saw the largest ever month-over-month increase in April, on the heels of a strong $12.2 billion rise in March.
On a year-over-year basis, household mortgage debt was up 7.8% in April, StatsCan also noted.
Alongside the record rise in mortgage debt, other forms of household debt increased by a modest 0.2% in April to $782.7 billion.
“While lower credit card balances persisted, other loan products, such as personal loans and lines of credit, were up in the month,” StatsCan said in its report.
Total household credit liabilities finished the month at almost $2.5 trillion, and the debt of private non-financial companies came in at $2.84 trillion.