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Canadians are carrying more mortgage debt than ever before, with the total crossing the $1 trillion threshold for the first time, according to a new report released Monday. The annual report from the Canadian Association of Accredited Mortgage Professionals finds that Canada's total outstanding mortgage debt was $1.0008 trillion as of August 2010.
"Over the past 15 years, the volume of outstanding residential mortgages has expanded by 194 per cent, or a growth rate of 7.5 per cent per year," the report says.
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