Cash extraction at the peak of a long housing bubble, via multiple mortgages on the same property: Does that ring a bell? Canadian real estate price spiked in 2017, and a lot of homeowners economic calendar 2014 forex factory already spent that equity.
These are mortgage holders that took out a new mortgage on a home with at least one existing mortgage. The total number is likely higher, but even excluding smaller loans we get some giant numbers. Canadians taking out multiple mortgages on the same house made a huge jump. There were 145,013 new loans issued on already mortgaged homes in 2017, a 4.
1 in 10 mortgages across the country. Toronto real estate is the number one spot in Canada for multiple mortgages on a single property. There were 28,364 new loans issued on already mortgaged properties in 2017, up 6. The volume and market share of multiple mortgages is on the rise in Toronto. Vancouver is home to the third largest market of multiple mortgages. The volume of multiple mortgages is on the decline, but the share of total originations is on the rise. Montreal is home to the second most multiple-mortgage holders in the country.