Victoria’s Averages for Mortgages and Loans

The Canada Mortgage and Housing Corporation released some interesting statistics about mortgages and loans in Greater Victoria for Q1 (Jan, Feb, March) of 2019.

The monthly mortgage payments in our region rose by 4.9 per cent on an annual basis. The average monthly mortgage amount is $1,628. Other types of loans Victorians are paying include HELOCs (Home Equity Line of Credit) which saw the largest increase in average payments at 12 per cent, and credit card payments which went up by 3 per cent.

Mortgage delinquency rates in Greater Victoria, though rising slightly from 0.12 per cent of outstanding accounts last year to 0.13 per cent in Q1 2019, compares well to BC’s average of 0.17 per cent.

Fewer people hold mortgages in our region: Only 27 per cent of Greater Victoria’s consumers carried a mortgage during the first quarter, which is lower than the national level of 29 per cent.

Reference: https://www.mortgagebrokernews.ca/news/greater-victoria-households-average-mortgage-payment-steadily-growing-302781.aspx