The Bank of Jamaica states that while mortgage lending surged strongly in 2024, driving household credit growth, financial stability is maintained through robust regulatory safeguards including strict exposure limits, high provisioning levels, and significant collateralisation to actively manage associated credit risks. (Photo: David Rose)

Mortgages have emerged as a dominant force in Jamaica’s household credit growth, accounting for nearly half of total household loans as lending to homebuyers accelerated sharply in 2024. However, despite this robust expansion, the Bank of Jamaica (BOJ) affirms the financial system’s resilience, citing prudent regulatory safeguards and active monitoring to mitigate rising risks.