From 2015 to 2016, P.E.I. had a 6.6-per-cent increase in the category of new mortgages and owners moving to a new home.
Leading the country in that category was British Columbia with an eight-per-cent increase. B.C. also led the country with a 17.6-per-cent increase in refinances, renewals with a new lender and multiple mortgage holders compared to P.E.I. with a 0.5-per-cent increase.
Laura Cooper, an economist with Royal Bank of Canada, said the increase in new mortgages is consistent with other trends on the Island, such as immigration.
“There was a near record number of immigrants in 2015. So, this could explain some of the demand for new mortgages from that segment,” she said.
With the increase in owners/movers, Cooper said this was consistent with the trend in re-sales.
“Re-sales were up almost 18 per cent last year, so quite strong.”
New Brunswick and Nova Scotia had declining growth in both categories while Canada as a whole had a 0.6-per-cent decline in new mortgages and movers and a 3.4-per-cent increase in refinances, renewals with a new lender and multiple mortgage holders.