OTTAWA -- A report by the Royal Bank says mortgages helped boost Canadian household credit growth in October as it increased by 5.0 per cent compared with a year ago.
The increase came as mortgage borrowing rose 6.0 per cent compared with a year ago.
The jump was the fastest pace since October 2012.
The Royal Bank suggested the growth came against a backdrop of low interest rates and strong housing markets in some areas.
Meanwhile, growth in consumer credit, which includes personal loans, lines of credit and credit cards, slowed to 2.7 per cent, the slowest pace in a year.
Rising debt levels has been identified by many, including the Bank of Canada, as a key risk to the economy.
