Property analysts are predicting further slowdown in mortgage books, as year-on-year comparisons show a continual downward cycle.
According to the First National Bank's home loan division, the year-on-year total outstanding debt in October was 25,3percent, a drop from 26,1percent in September.
The bank said the figure, which combines both old and new mortgages for commercial and residential properties, was significantly lower compared to a peak of 31percent in the same period last year.
A property strategist for First National Bank, John Loos, said he expected the total market growth slowdown full swing trend to continue well into 2009.
He added that he expected residential new mortgage demand growth to strengthen during the second half of 2008.