Canadian consumer debt hits all-time high, reaching $2.32 trillion in Q1 2023: TransUnion

6/1/2023 | Posted in Financial Health by Jessi Sandhu

Amid interest rate hikes and high inflation, more Canadians are turning to credit for relief, with consumer debt hitting a new record in the first quarter of 2023. ... More

Tags: Canada Living, Canadian Debt, Household Debt

Canada's residential mortgage debt now $2.08trn, says CMHC

5/25/2023 | Posted in Financial Health by Jessi Sandhu

The federal housing agency has revealed the latest industry trends ... More

Tags: Canadian Debt, Household Debt, Mortgage Consumers

Canada braces for higher mortgage defaults

4/21/2020 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Rising unemployment and high debt is expected to boost mortgage loan delinquencies in Canada, though experts say it won’t play out like the U.S. subprime mortgage crisis of ... More

Tags: Canada Living, Canada Real Estate, Canadian Households, Canadian Housing Market, Consumer Spending, Household Debt, Mortgage Consumers, Mortgage Delinquency

Millions of Canadians already missing payments due to COVID-19

3/27/2020 | Posted in Financial Health by Jessi Sandhu

The coronavirus outbreak is leading to defaults on credit cards, utilities, and telecoms. ... More

Tags: Consumer Confidence, Consumer Spending, Cost of Living, Household Debt, Personal Finance

Big Six banks slash prime rates by half a point

3/17/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Big Six banks are slashing their prime lending rates 50 basis points to 2.95 per cent from 3.45 per cent in response to the plunge in the benchmark Bank of Canada interest ... More

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

Bank of Canada slashes policy rate to 0.75 per cent in surprise cut

3/13/2020 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada cut its trend-setting interest rate by half a percentage point to 0.75 per cent from 1.25 per cent in a surprise move on Friday aimed at softening the economic ... More

Tags: Bank of Canada, Economic Growth, Household Debt, Variable Rate Mortgages

Changing the stress test may raise credit risk for banks says Fitch

2/27/2020 | Posted in Mortgages and Real Estate by Jessi Sandhu

The proposed change to the federal mortgage guidelines that would reduce the stress test requirement for borrowers could adversely affect the credit risk of Canada’s big ... More

Tags: Canadian Banks, Household Debt, Stress Test

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

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

Bank of Canada keeps key interest rate steady

7/10/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

The Bank of Canada is keeping its trend-setting interest rate steady at 1.75 per cent in a decision widely expected by economists. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, Variable Rate Mortgages

OSFI increases domestic buffer to 2% amid household debt risk

6/6/2019 | Posted in GTA Real Estate by Jessi Sandhu

Canada’s banks will have to set aside a larger share of their capital to protect against downturns in lending and other potential financial risks. ... More

Tags: Canadian Banks, Canadian Credit Market, Household Debt, OSFI

Bank of Canada maintains overnight rate target at 1.75 per cent

5/29/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada today maintained its target for the overnight rate. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt

Interest rate cut now unlikely say economists

5/27/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada will make its May interest rate decision Wednesday but it’s unlikely there will be a change according to a panel of experts. ... More

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

Household debt at a record high, senior mortgages increase

5/23/2019 | Posted in Financial Health by Jessi Sandhu

Canadian households continued to pile up debt in the fourth quarter of 2018 according to a new report from CMHC. ... More

Tags: CMHC, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Personal Finance

Delinquency rates hold steady even as credit market grows

5/23/2019 | Posted in Financial Health by Jessi Sandhu

The Canadian credit market has grown but it appears that consumers are generally managing their debt well. ... More

Tags: Canadian Credit Market, Household Debt, Interest Rates, Mortgage Consumers, Mortgage Delinquency, NonMortgage Debt

Canadian Bankruptcies Jump At Fastest Pace Since Financial Crisis

5/14/2019 | Posted in Financial Health by Jessi Sandhu

Higher interest rates and a record-large debt burden are taking their toll on Canadians, with the number of households filing for insolvency hitting an eight-year high in the ... More

Tags: Bankruptcy, Canada, Household Debt, Insolvency, Interest Rates, NonMortgage Debt, Office of the Superintendent of Financial Institutions

CMHC's Siddall Warns Homeownership 'Party' Coming to an End

5/11/2019 | Posted in Canadian Housing Market by Jessi Sandhu

The head of the Canada Mortgage and Housing Corporation (CMHC) gave a candid assessment of the country’s housing market, saying the “party” of homeownership as a ... More

Tags: Canadian Housing Market, Canadian Real Estate Market Outlook, First Time Home Buyer Incentive, First Time Home Buyers, Household Debt, Housing Supply, Millenials

BoC touts long-term mortgages to open MBS market

5/9/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

Bank of Canada Governor Stephen Poloz suggested that lenders should encourage mortgage products with longer terms as a means of distributing risk more evenly and insulating the ... More

Tags: Bank of Canada, Canada Mortgage and Housing Corporation, Household Debt, Mortgage Consumers, Mortgage Market, Mortgage Trends, Mortgages & Real Estate, Uninsured Mortgages

Latest stats make interest rate hikes highly unlikely in 2019

5/1/2019 | Posted in Interest Rates by Jessi Sandhu

The latest reading of Canada’s economy brings both good and bad news for the housing market. ... More

Tags: Canada GDP, Economic Growth, Household Debt, Interest Rates, Mortgages & Real Estate, Statistics Canada

Household debt to have knock-on effect upon banks, economy

4/29/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Canadians now owe an average of $1.79 for every dollar of disposable income. ... More

Tags: Bank of Canada, Bankruptcy, Canada, Canadian Banks, Household Debt, Insolvency, Interest Rates, NonMortgage Debt

Bank of Canada keeps rates steady, cuts language about future hikes

4/24/2019 | Posted in Interest Rates by Jessi Sandhu

Bank of Canada keeps rates steady, cuts language about future hikes. ... More

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

48% of Canadians on brink of insolvency: Survey

4/22/2019 | Posted in Financial Health by Jessi Sandhu

Sign of deteriorating financial stability for many people in the country. ... More

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

Bank of Canada's Poloz says stimulative rates needed for temporary soft patch

4/2/2019 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Poloz's optimism Monday about the future could ease speculation the central bank could lower rates. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Canada Real Estate, Economic Growth, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Bank of Canada to hold interest rates through 2020: TD Securities

3/15/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada will likely hold off raising interest rates through all of 2020, and could even cut rates later this year, according to TD Securities’ senior rates ... More

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

Rising debts could see rise of second mortgages

3/14/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

Canada’s household debt levels will force around 1 in 5 people with debt to sell assets to stay above water. ... More

Tags: Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Second Mortgages