Canadian HELOCs rapidly overheating

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Posted by Kyle Green

on Tuesday, 04 September 2018 17:41

If the Canadian government gets nervous about the number of outstanding home equity lines of credit as well as the increasing balances on these HELOC’s, there is a strong possibility that they may further tighten qualifications or guidelines for lines of credit. Already we have seen the government attack equity mortgages and lines of credit this year, so if you are looking to access the equity in your home via a home equity line of credit, you may want to act sooner rather than later.” – Kyle Green 

The outstanding balance of Canadian home equity lines of credit has reached a record-shattering high of $258.97 billion in June 2018, according to a new Better Dwelling analysis of data from the Office of the Superintendent of Financial Institutions (OSFI).

This represented an increase of $2.169 billion in just a month, pushing the annual pace of HELOC growth to 5.52%... CLICK for the complete article


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