Canadians are slowing the pace at which they use their homes as an ATM. Office of the Superintendent of Financial Institutions (OSFI) show loans secured by residential real estate reached a new all-time high in September. The new high came with some of the lowest 12-month growth Canadians have seen in a long time. Loans […]
Cash strapped, house rich Boomers (and beyond!) are cashing in on their housing windfalls. Office of the Superintendent of Financial Institutions (OSFI) filings show reverse mortgage debt reached a new high in August. The pace of growth is finally leveling out, but it’s still one of the fastest growing segments of debt. Reverse Mortgage Reverse […]
Canadians are under a lot of financial stress these days, but we’re not seeing a rise in defaults. That might have to do with the number of multiple jobs they’re working. Statistics Canada (Stat Can) data shows a big jump in Canadians working multiple jobs in October. The rise puts the level of multi-job holders […]
Canadian mortgage lenders are seeing business pick up – and fast. Bank of Canada (BoC) data shows funds advanced for new mortgages made a big double digit leap in August. The rise in funds is still weighed down by a weak first half of the year, but lending is improving. New Mortgage Lending Was Up […]
Canadians are paying lower interest rates for borrowing than last year. Bank of Canada (BoC) data shows the effective interest rate has fallen as of the first week of November. The rate is lower than last year, but the longer-term movement is still towards higher rates. Effective Interest Rates The household effective interest rate is […]
Canadian households are still into debt, just not if it’s for anything other than a house. Bank of Canada (BoC) data shows household debt reached a new high in September. Most of the debt growth is mortgage related, with the pace of borrowing accelerating. While consumer credit advanced, the pace of growth continues to decelerate. […]
Heavily indebted Canadian households are saving less than they used to. A lot less. Statistics Canada (Stat Can) numbers show the household savings rate is falling in 2019. The decline in savings has been steadily occurring since the real estate boom began. The low savings rates may leave households more vulnerable to global economic shock. […]
A lot of Canadians are going to non-bank lenders for their mortgage needs. A Statistics Canada (Stat Can) survey shows a substantial amount of new loans at non-bank lenders in Q1 2019. The high growth rate is also accompanied by a larger than typical rate of arrears for Canada. Most of the mortgage debt in […]
Canadian mortgage credit is growing, but isn’t quite where it should be. Bank of Canada (BoC) numbers show the balance of mortgage debt hit a new high in September. Mortgage credit growth has improved substantially from last year. However, the improvements to growth, still don’t bring it into typical range. Canadians Owe Over $1.6 Trillion […]
Canadian real estate sales are up, mortgage credit is growing, but home equity loans are slow? Office of the Superintendent of Financial Institutions (OSFI) filings show debt secured by homes reached a new high in August. The increase in debt is getting slower though, as the segment of credit growth tapers quickly. Loans Secured By […]
