Household borrowing continued to rise in July, according to new data from Statistics Canada.
The national statistical agency reported that total household credit liabilities were up by 0.3% ($8.3 billion) in July, to $2.975 trillion.
Household mortgage debt grew by 0.3% in the month, which StatCan noted marked “a slight acceleration compared with June” when mortgage borrowing rose by 0.2%.
Other kinds of borrowing also increased by 0.3% in July, rising $2.5 billion, the agency said.
However, this marked a slight slowdown in the growth rate for non-mortgage debt, as these liabilities rose by 0.4% in June.
StatCan said home equity lines of credit edged up by 0.2% in the month, and credit card debt was up by 0.3%, which represented a deceleration from the growth rates reported for June.
The other forms of non-mortgage borrowing rose by 0.4% in July.