Rising borrowing rates are putting a drag on the growth of Canadian household debt. Bank of Canada (BoC) numbers show household debt fell from an all-time high in January. The drop stalled the annual pace of growth at the same level one month before – at the lowest levels since 1983. Canadian Households Owe Over […]
Toronto and Vancouver real estate prices are cooling, but payments are still soaring. Canada Mortgage and Housing Corporation (CMHC) numbers show a big increase for the average payment in Q3 2018. The average payment on mortgages and home equity lines of credit increased at over 2x the rate of inflation. Toronto and Vancouver Mortgage Payments […]
Canadian households have abruptly cooled their appetite for credit. Bank of Canada (BoC) numbers show households reached a record level of debt in December 2018. Despite reaching new highs, Canadians are less keep on borrowing right now. It’s not just due to the decline in home sales either – consumers are starting to cool their […]
Canadians took a break from borrowing home equity, but are back in full force. Office of the Superintendent of Financial Institutions (OSFI) filings show home equity borrowing reached a new record high in November. The month was also the fifth consecutive we’ve seen acceleration of growth in this segment. Loans Secured By Residential Real Estate […]
Canadian households are showing signs they’re tapped out. Bank of Canada (BoC) numbers show the balance of outstanding credit reached a record high in November. The record is overshadowed by the continued deceleration of growth, however. Households borrowed at one of the slowest paces in decades, with big drops in consumer and mortgage growth. Canadians […]
Canadian households just demonstrated debt is more complicated than bank economists think. Statistics Canada numbers, adjusted by former Maclean’s business editor Jason Kirby, show Canada’s debt to income ratio made a huge jump in Q3 2018. Canadian debt to income levels are now back above the US pre-Great Recession peak. That level, which is notoriously […]
Canadian real estate owners borrowed another billion of their home equity. Office of the Superintendent of Financial Institutions (OSFI) numbers show the balance of loans secured by home equity hit a new record in October. The balance, which is slowing in growth, is primarily consumers borrowing for personal consumption. Loans Secured By Residential Property Loans […]
More Canadian seniors are withdrawing real estate wealth to make ends meet. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of reverse mortgage debt soaring in October. The annualized pace of growth is now at the highest level it has been in at least 8 years. Reverse Mortgages Have all your […]
Time for your weekly cheat sheet on this week’s top stories. Canadian Real Estate CMHC: Vancouver Has The Most Indebted Households In Canada, Toronto Not Far Behind Vancouver, Toronto, and Victoria are the country’s most indebted cities. Vancouver led the pack with a debt to income ratio (DTI) of 242% in Q2 2018. To put […]
Congrats, Vancouver! You’re Canada’s most indebted city, largely due to the recent rapid rise in real estate prices. Breaking down the Canada Mortgage and Housing Corporation (CMHC) numbers from yesterday, we can see where Vancouver spends its cash. In Q2 2018, over 80% of Vancouver Census Metropolitan Area (CMA) debt was tied directly to the […]
