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Canadian homeowners have
increased their additional mortgage payments during the pandemic, taking advantage of savings built up during the lockdowns to pay down their home loans.
A total of $34-billion of additional or unscheduled mortgage payments were made last year, compared with $31-billion in 2019, according to a new report from Canada Mortgage and Housing Corp.
“We were seeing very clearly that households were saving more,” said Tania Bourassa-Ochoa, a senior housing researcher with CMHC.