More people are using their homes to secure a personal loan. According to Better Dwelling. However, the number of people using their homes to secure a business loan has dropped considerably.
Canadians Secured Over $279 Billion Worth Of Loans With Their Homes
The total of loans secured against residential real estate actually saw growth taper. The outstanding balance at banks reached $279.7 billion, up $12.46 billion from the year before.
Personal loans secured by residential real estate reached a new all-time high. The balance of personal loans secured by homes reached $254.75 billion, up 1.03% from the month before. Compared to the same month last year, that brings the balance 6.49% higher. Since personal loans are typically for consumption, growth isn’t all that great. One exception is debt experts in Ontario are noting that these types of loans are being used to delay defaulting on a home. It’s not a great exception, but it’s an exception.
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