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credit & debt CANADA’S DEBT LEVELS ARE HIGH BUT MANAGEABLE, with the expected continued decline in interest rates providing a risk buffer to further debt escalation over the next 12 months. In British Columbia, mortgage arrears rates are historically low and the lowest in the country, indicative of a stable housing and mortgage market provincially. demographics SURREY IS DRIVING METRO VANCOUVER’S GROWTH, with that city adding the equivalent of almost six Dreamliners worth of people every month. Across Canada, including within British Columbia, population growth is being realized fastest within urban areas, which underscores the importance of creating and implementing thoughtful housing-related policies in dynamic regions, such as Metro Vancouver. housing METRO VANCOUVER IS (FINALLY) BUILDING A LOT OF HOMES, starting construction on almost as many new homes as in the Greater Toronto Area in 2019 despite being home to fewer than half the number of people. Rental apartment construction continues to be robust in Metro Vancouver as a whole, though some of the region’s more expensive and populated cities need to do more. policy LONG-AWAITED CHANGES TO THE MORTGAGE STRESS TEST ARE COMING, at least insofar as insured borrowers are concerned. A new framework for calculating the qualifying rate will make it easier and fairer for borrowers with less than a 20% down payment, amplifying the positive impact of falling interest rates and increasing purchasing power by 2.7%.

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