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Tag: debt

Canada

Uh Oh! Canadian Credit Growth Falls To Lowest Levels Since 199… Nope, 1983

October 12, 2018

Rising interest rates are already drying up credit for Canadian households. Bank of Canada (BoC) numbers show household credit hit another all-time high in August. More concerning is the rising balance is seeing a rapid decline in growth. Rising rates have sent the annual pace of growth to the lowest it’s been over 35 years. […]

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Canada

Canadian Real Estate Owners Are Paying The Most To Service Debt Since 1993

September 21, 2018

Canadians are starting to feel the impact of their debt-driven spending spree. Statistics Canada (StatsCan) numbers show the debt service ratio reached a multi-month high. In Q2 2018, Canadians spent the most servicing debt since 2008. Mortgage debt was the big news though, as households spend the most since 1993 to stay afloat. Debt Service […]

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Canada

It’s Not “Stress Testing” Canadian Real Estate Buyers, The Credit Cycle Is Breaking Down

August 1, 2018

Household debt in Canada continued to see growth slow in June, according to new numbers from the Bank of Canada.

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Canada

Altus: Canadians Turn To HELOCs For Renovations, and 25% Are Seniors

July 26, 2018

Residential real estate renovations in Canada are being fueled by an extraction of home equity, especially by older Canadians.

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Canada

Canadian HELOC Debt Hits A New High As The Spending Binge Continues

July 24, 2018

Canadian real estate owners made a record gain when prices soared, and they’re in a rush to spend it. Office of the Superintendent of Financial Institutions (OSFI) filings show the balance of loans secured by residential real estate hit a new high in May. The high was led by a surge in personal loans, such […]

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Canada

Canadians Hold Onto Less Cash As The Great Deleveraging Begins

July 9, 2018

Canadians are holding onto less cash, according to the country’s central bank. Bank of Canada (BoC) numbers show M1+, a measurement of “cash,” is seeing growth plummet. The deceleration of growth is a sign that consumers are spending more to service debt. That’s the good news. The bad news is it’s also a sign of […]

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Canada

The Leverage Used For Canadian Real Estate Might Be Higher Than We Think

July 3, 2018

People often boast of the quality lending standards that support Canadian real estate. Every now and then, lawyer and investor Joey Evans reminds us that’s not really the case. He recently posted a great example on his Twitter account, highlighting a Toronto home. The mansion, located in the City of Toronto, had mortgage debt over 3x […]

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Canada

Equifax: Canadian Households Are Already Having Trouble Dealing With Credit

June 29, 2018

One of the world’s largest credit agencies is noting credit exhaustion at Canadian households. Equifax is seeing a declining number of Canadians paying off the balance on credit cards. Total nothing burger to most, but it’s actually really interesting to credit nerds. Carrying a balance increases the odds of credit delinquencies later down the road. […]

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Canada

Canada Sees Personal Loans Against Real Estate Jump, Business Loans Plummet

June 19, 2018

Less Canadians are putting up their homes for business loans, and more are doing it for personal ones. Filings with The Office of the Superintendent of Financial Institutions (OSFI) show loans secured against residential property showed moderate growth in April. The loans, such as HELOCs, showed growth almost exclusively for personal consumption. Meanwhile, the dollar […]

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Canada

Canadian Mortgage Lenders Are Collecting A Record Amount of Interest Payments

June 7, 2018

Record low interest rates? Don’t worry, lenders are making it up in volume. Statistics Canada’s latest release shows interest payments on mortgages in Q1 of 2018 are showing the largest growth since 2008. The multi-quarter record growth has households paying the most they’ve ever paid in interest per quarter, ever. Canadians Paid A Record Amount […]

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