Mazdak
1
- Residential mortgage credit rose 3.2% YoY, weakest since 2001.
- Bank of Canada’s rate hikes are cooling household borrowing and restricting spending and property purchases.
- Elevated borrowing costs make homes unaffordable, similar to the early 1990s.
- Home equity line of credit balances fell 3.4% YoY.
- Canada has the highest household debt among G7 countries.
- Economists expect Bank of Canada to cut rates in Q2 2024.
- Traders in the swaps market bet on policy rate cut by June 2024…