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Summary Learn the truth about the fast growing mortgage debt in Canada and how and why this happened, according to the leading royal bank mortgage brokers. Body It is about four years back that we saw the mortgage rates hitting rock bottom. The idea was to keep Canada’s economy healthy as those were years of economic turmoil. However, those lower Rbc online mortgage rates have had some negative effect and created some risky turbulences in consumer debt, especially related to mortgage. According to recent evaluations and the data released, Canada’s mortgage debt has grown by 4.2 per cent and amounts to more than $879 billion. Get in touch with a leading Rbc bank mortgage contact, Mr. Gagan Bilga to learn more. The housing market has kept low over the past year and still the debt has grown at a steady pace and is almost double the income growth over that period. The debt continues to climb and the data doesn’t include the mortgages held by small brokerages and is concerned with chartered banks. The banks seem in no hurry to raise the rates. However, they are predictable to start rising. It is the rising bond yields that are pushing those rates up. By 2017, the fixed-rate are expected to hit 5.74 per cent. This is certainly going to make things less affordable for mortgage holders and would definitely push a sizeable portion of home-buyers out of the market. The expected rise in rates will also place a pressure on house prices and there would be fewer candidates for Rbc online mortgage approval. Well, all these reports and news lead to mixed feelings, leaving the buyer confused, whether he should buy now or wait for a more favorable period to get Rbc mortgage appointment. The good news is that Canadians have a changed attitude towards the debt and seen on taking the debt at a slower pace for the first time in the past 17 years. Household credit has grown 4% in the past year and this is the slowest since 1996. However, the slow pace is still higher than income growth, which is still hovering at2.5 per cent annually. Look for Rbc mortgage centre phone, Rbc 130th ave Calgary, to get more information. The rock bottom rates did seem very attractive, but they have also led to enormous debt burden on the Canadians. An adjustment in the interest rates seems to be the only solutions, even though it might be a painful one to homeowners. This is what the Canadians need right now. A more recent report does point out that although debt has climbed significantly, the actual rate of mortgage growth may not be as steep as it looks. The debts have risen but the news about them having doubled is not correct. Locate Royal Bank mortgage centre phone number and get in touch with Mr. Gagan Bilga, a leading and trusted name when it comes to getting mortgage at best rates. According to him, with mortgage requirements changing, the coming years will need to be watchful. About Author David Gonzalez has written many articles on Royal Bank Mortgage and on this page he discusses the fast growing mortgage debt in Canada and the reason behind.
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