Driven by growing mortgage debts, household borrowing rose in August, according to new data from Statistics Canada.
The national statistical agency reported that total household debt grew by 0.3% in the month, an increase of $7.7 billion, to $2.98 trillion.
Real-estate-driven debt — mortgage borrowing and home equity lines of credit (HELOCs) — accounted for the bulk of the activity, $7.0 billion worth.
In particular, household mortgage debt grew by $6.9 billion, as borrowing in this segment accelerated, StatCan noted.
Mortgage debt was up 3.8% on an annualized basis in August, faster than the 3.3% rate in July.
While HELOCs only grew 0.1% in August, credit card debt was up 0.7%, an increase of $0.8 billion, StatCan said.
Other forms of non-mortgage debt contracted by $0.1 billion in the month, it noted.