Canadians managing mortgages despite soaring household debt load

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Canadian non-mortgage debt hits $21,696 as Alberta consumers struggle. And it was Toronto that saw the sharpest decline in delinquency rates – falling to a rate of 3.1 per cent. Credit access grew across the country. Non-mortgage balances grew 1.6 per cent in the first quarter, while credit limits rose 2.3 per cent.

Some time ago, Deutsche Bank’s chief international economist, Torsten Slok, presented several charts which showed that "Canada is in serious trouble" mostly as a result of its overreliance on its frothy, bubbly housing sector, but also due to the fact that unlike the US, the average Canadian household had failed to reduce its debt load.

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As of October 2018, Canadian household debt reached a whopping $2.158 trillion. Undoubtedly, this is a significant number. Despite tighter lending rules put in place to minimize risk, rising interest rates threaten the average Canadian’s capacity to manage what are staggering personal debt loads.

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The result is that by the middle of last year, total global debt – government, corporate and household – reached. Governance Innovation in Ontario, Canada. Yet without an international framework.

 · Ratings agency Moody’s says that despite soaring home prices and household debt levels, Canadian banks could weather the effects of a severe housing downturn. In its latest report, published Monday, Moody’s says it conducted stress tests to determine the impact on major canadian banks in the event of a 25-per-cent drop in home prices countrywide.

pushing the ratio of household debt to disposable income to nearly 170 percent. Any increase in borrowing costs will eventually make it more expensive for Canadians to pay interest on the C$1.5.

 · Canadians continued to increase their debt load in the period to C$1.6 trillion from C$1.58 trillion in the previous quarter, but their personal disposable income grew at a faster pace, Statscan said.

Sales activity over the past 12 months has been strong, and prices have continued their unstoppable march upward-despite a tepid. How did Canadians manage to keep paying more? By borrowing: the.

Among those Canadians who were buying a home for the first time, 58% had concerns or uncertainty related specifically to unforeseen costs. The study also found that nearly one in five first-time buyers (19%) were involved in a bidding war. Despite these struggles, 71% of homebuyers were comfortable with their current level of debt.

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