Canadian mortgage debt grew by $18 billion in April, biggest monthly gain ever, StatsCan says

Canadians took out almost $18 billion worth of new mortgage debt in April, the fastest monthly increase on record and enough to bring total housing debt to almost $2 trillion.

Statistics Canada reported Friday that while consumers appear to be tightening their belts when it comes to other forms of debt, they seemingly have an inexhaustible appetite to borrow money to purchase and renovate homes.

Canadians had a total of almost $1.69 trillion worth of mortgage debt at the end of April after a $12.9 billion increase in March followed by an even larger one — $17.7 billion — in April. That means total