Mortgage debt taking up a record share of income

3/14/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

The latest data shows Canadians are spending 7.66% of their household disposable income on servicing their mortgage debt. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Mortgage Debt

BoC: Time to pause but there are no guarantees that will stick

2/16/2023 | Posted in Interest Rates by Jessi Sandhu

Governor Tiff Macklem set an optimistic tone in a speech Thursday but kept it real with warnings about potential headwinds ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, First Time Home Buyers, Home Buyers, Household Debt, Mortgage Consumers, Variable Rate Mortgages

Macklem defends Bank of Canada rate pause as growth grinds to halt

2/8/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Governor Tiff Macklem said the Bank of Canada needs to keep interest rates steady to avoid slowing the economy too much, defending his decision to pause hikes in remarks that were ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Canadian Economy, Economic Growth, Economic Recession, Household Debt

Are mortgage borrowers a risk to Canadian housing market?

2/3/2023 | Posted in Mortgages and Real Estate by Jessi Sandhu

An analysis of homeowners' loan-to-value ratios reveals resilient position despite challenges. ... More

Tags: Canadian Debt, Canadian Housing Market, Home Owners, Mortgage Consumers, Mortgage Delinquency

Fed and Bank of Canada have reason to pause hikes, says strategist

1/24/2023 | Posted in Interest Rates by Jessi Sandhu

The Federal Reserve and Bank of Canada can afford to pause interest-rate increases now because inflation pressures are easing rapidly, according to a Bank of Montreal strategist. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

BoC expected to end year off with one more rate increase, likely to pause hikes soon

12/2/2022 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada is expected to conclude a historic year marked by high inflation and aggressive monetary policy tightening with one more interest rate hike on Wednesday. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Home Buyers, Household Debt, Mortgage Consumers, Variable Rate Mortgages

Growing debt could threaten stability as rates rise, says Bank of Canada's Rogers

10/18/2022 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada is closely monitoring debt burdens being shouldered across the economy over concerns they could become a threat to financial stability as interest rates rise ... More

Tags: Canadian Debt, Household Debt, Interest Rates, NonMortgage Debt

BoC's Macklem: More interest rate hikes are "warranted"

10/7/2022 | Posted in Mortgage Interest Rates by Jessi Sandhu

Having already raised interest rates by 300 basis points this year, the Bank of Canada’s Tiff Macklem confirmed on Thursday that additional rate hikes (plural form) are ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, First Time Home Buyers, Home Buyers, Household Debt, Interest Rates, Variable Rate Mortgages

More Canadians living paycheque to paycheque with growing debt

9/30/2022 | Posted in Canada Living by Jessi Sandhu

Personal finances of millions of Canadians are worsening, and more people are concerned about their high levels of debt ... More

Tags: Canada Living, Canadian Debt, Cost of Living, Savings

Interest rates: TD, Scotia see Bank of Canada heading to 4%

9/14/2022 | Posted in Interest Rates by Jessi Sandhu

TD Securities and Scotiabank's top economists think there’s more room to run for the Bank of Canada as it increases interest rates from the pandemic lows. ... More

Tags: Canadian Debt, Household Debt, Interest Rates, Variable Rate Mortgages

Canadians are falling deeper into debt: Statistics Canada

9/12/2022 | Posted in Canada Living by Jessi Sandhu

New data from Statistics Canada shows that Canadians are sliding deeper into debt. ... More

Tags: Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, NonMortgage Debt, Variable Rate Mortgages

Bank of Canada announces another big rate hike

9/7/2022 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada has increased its benchmark rate by 0.75%, marking a fifth consecutive hike in its latest effort to get surging price growth under control. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Home Buyers, Interest Rates, Variable Rate Mortgages

Millions of Canadians could default on debts warns TransUnion

9/7/2022 | Posted in Canada Living by Jessi Sandhu

Overall consumer debt hit a new record high in the second quarter and some people may be overwhelmed by inflation. ... More

Tags: Canadian Debt, Consumer Spending, Household Debt, NonMortgage Debt

How the Bank of Canada's rate hike will impact mortgages, loans and spending

7/13/2022 | Posted in Mortgages and Real Estate by Jessi Sandhu

The Bank of Canada increased its key interest rate by one percentage point Wednesday in the largest hike the country has seen in 24 years. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Canadian Households, Household Debt, NonMortgage Debt, Variable Rate Mortgages

Bank of Canada to hike key interest rate by 0.75%, economists say

7/10/2022 | Posted in Mortgage Interest Rates by Jessi Sandhu

Economists are predicting the Bank of Canada will hike its key interest rate by three-quarters of a percentage point on Wednesday as inflation rages on globally. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Home Buyers, Mortgage Consumers, Variable Rate Mortgages

Delinquent HELOC debt expected to soon rise as interest rates increase, say experts

7/8/2022 | Posted in Mortgages and Real Estate by Jessi Sandhu

As interest rates tick up, financial experts expect to see delinquency on home equity lines of credit rise in the next few months, especially if inflation refuses to budge. ... More

Tags: Canadian Debt, Canadian HELOC, Home Owners

27% of homeowners have a HELOC, half paying down principal: Poll

6/29/2022 | Posted in Canadian HELOC by Jessi Sandhu

Home equity lines of credit (HELOCs) were a common way for Canadian homeowners to tap into their home’s equity during the long run of low interest rates and rapidly rising ... More

Tags: Canadian Debt, Canadian HELOC, Home Equity, Home Equity Lines of Credi, Home Owners

JPMorgan sees 'material risk' of full-point hike from Bank of Canada

6/26/2022 | Posted in Interest Rates by Jessi Sandhu

The possibility of a full-percentage point interest rate hike from the Bank of Canada at its July meeting is now firmly on the table following the latest inflation data for May, ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Interest Rates

BoC's Macklem: Rate hikes will not be detrimental to the economy

6/14/2022 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The likely deceleration of the housing market would be a welcome effect, Macklem says ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Living, Canada Real Estate, Canadian Debt, Canadian Households, Canadian Housing Market, Interest Rates

Key household debt-to-income ratio down in Q1 as income rises faster than debt

6/14/2022 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Statistics Canada says the amount Canadians owe relative to their income pulled back in the first quarter from the record level set in the fourth quarter of 2021 as incomes grew ... More

Tags: Canada Living, Canadian Debt, Household Debt, NonMortgage Debt, Statistics Canada

Nearly 1 in 4 homeowners would have to sell if interest rates rise more, survey finds

6/13/2022 | Posted in Canadian Housing Market by Jessi Sandhu

Nearly one in four homeowners say they will have to sell their home if interest rates go up further, according to a new debt survey from Manulife Bank of Canada. ... More

Tags: Bank of Canada Benchmark Rate, Canadian Debt, Canadian Housing Market, Home Owners, Interest Rates

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Jessi Sandhu

Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Canadians are cutting back on debt amid fears of recession

1/2/2020 | Posted in Canada Living by Jessi Sandhu

Most Canadians held back from increasing their debt burden in 2019 and 1 in 5 say debt repayment is their top financial priority for 2020. ... More

Tags: Canadian Debt, Household Debt, NonMortgage Debt, Personal Finance

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

TD economists says the cost of servicing debts should ease early in 2020 ... More

Tags: Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Canadian Household Borrowing Jumps By 31%, StatCan Says

12/16/2019 | Posted in Financial Health by Jessi Sandhu

Canadians' borrowing habits are back to where they were before policymakers cooled off the housing market. Lower interest rates are convincing some to borrow more. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Interest Rates, NonMortgage Debt

Canadians' wealth reduced as real estate gains are erased

9/19/2019 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

The average Canadian household was worth less in 2018 than in the previous year. ... More

Tags: Canadian Debt, Canadian Households, Household Debt, Personal Finance, Property Value, Real Estate Values

Stats Can releases Q2 household debt data

9/14/2019 | Posted in Financial Health by Jessi Sandhu

Household income grew slightly faster than debt in the second quarter as the amount Canadians owe relative to their income edged down for the third quarter in a row. ... More

Tags: Canadian Debt, Household Debt, NonMortgage Debt

Bank of Canada reveals latest interest rate decision

9/4/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada resisted pressure from investors by declining to signal it will soon follow global peers in easing monetary policy. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Jessi Sandhu

A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Average Canadian household spent more on taxes than living costs in 2018, report finds

8/2/2019 | Posted in Financial Health by Jessi Sandhu

The average Canadian household paid nearly $40,000 in taxes last year, more than the combined cost of clothing, food and shelter, according to a new report. ... More

Tags: Canada, Canadian Debt, Taxes