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Growth of mortgage debt slowed in Q1

By: The Canadian Press

 | Jun 19, 2014 - 11:52 AM |
A consumer pays with a credit card at a store July 6, 2010 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

A consumer pays with a credit card at a store July 6, 2010 in Montreal. THE CANADIAN PRESS/Ryan Remiorz

OTTAWA - Statistics Canada says mortgage debt at the end of the first quarter was up by 0.6 per cent from the previous quarter, the slowest pace of growth since early 2009.

The agency says mortgage debt totalled more than $1.1 trillion at the end of the first quarter.

The move came as Statistics Canada said the level of household credit market debt to disposable income edged down to 163.2 per cent in the first quarter compared with 163.9 per cent in the fourth quarter of 2013.

The decrease means Canadians owe just over $1.63 for every $1 in disposable income they earn in a year.

It says consumer credit debt edged down 0.3 per cent from the fourth quarter to $507 billion.

Household net worth grew by 2.5 per cent in the first quarter, led by a 3.2 per cent gain in the value of shares and other equities. The increase in household net worth was also supported by a 2.0 per cent gain in the value of household real estate. On a per capita basis, household net worth rose to $222,600 in the first quarter.

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