B.C., Ontario mortgage-holders increasingly missed payments in Q4, Equifax says

3/5/2024 | Posted in Financial Health by Jessi Sandhu

Equifax Canada says consumers in Ontario and British Columbia increasingly missed payments on mortgages and credit cards in the fourth quarter of 2023. ... More

Tags: Mortgage Consumers, Mortgage Debt, Mortgage Delinquency, NonMortgage Debt

There's a common theme among Canadians overwhelmed by debt

2/6/2024 | Posted in Financial Health by Jessi Sandhu

Further analysis of the latest Canadian insolvency stats reveal some revealing elements that typically connect those whose finances have got too much for them. ... More

Tags: Canada Living, Canadian Debt, Canadian Households, Household Debt, Insolvency, Mortgage Debt, NonMortgage Debt

Canadians' mortgage borrowing hits lowest level since 2003

6/15/2023 | Posted in Financial Health by Jessi Sandhu

Canadians' mortgage borrowing has reached its lowest level since 2003, primarily due to the impact of higher interest rates, according to recent data released by Statistics ... More

Tags: Canada Living, Canadian Debt, Household Debt, NonMortgage Debt, Variable Rate Mortgages

Canada's debt rises as rates cut into households' cash flow

6/14/2023 | Posted in Canadian Economy and Interest Rates by Jessi Sandhu

Hawkish monetary policy and inflation posing headwinds for borrowers, latest figures suggest ... More

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

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

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

Mortgage market suffers 'extended chill' says Equifax

6/17/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

The Canadian mortgage market continues to suffer from the impact of lower home sales in major markets as the stress tests weaken homebuyers’ abilities. ... More

Tags: Fixed Rate Mortgages, Home Buyers, Mortgage Consumers, Mortgage Delinquency, Mortgage Industry, Mortgage Market, Mortgage Rates Canada, Mortgage Refinancing, Mortgage Renewals, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Reverse Mortgages, Second Mortgages, Stress Test, Uninsured Mortgages, Variable Rate Mortgages

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

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

Mortgage delinquencies on the rise

3/6/2019 | Posted in Mortgages and Real Estate by Jessi Sandhu

More Canadians are running into serious issues with their mortgage payments according to a new report. ... More

Tags: Bankruptcy, Household Debt, Mortgage Consumers, Mortgage Delinquency, Mortgage Rates Canada, Mortgages & Real Estate, NonMortgage Debt

Why Canadians are suffering a bankruptcy spike

2/25/2019 | Posted in Interest Rates by Jessi Sandhu

The Bank of Canada began raising its key overnight lending rate in July 2017 and it’s now at the highest level in a decade. Accustomed to historically low and even negative ... More

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

The reason behind 40% of Ontarian insolvencies

2/20/2019 | Posted in Ontario News by Jessi Sandhu

A recent report reveals desperate measures of indebted consumers in Ontario. ... More

Tags: Household Debt, NonMortgage Debt, Ontario, Personal Finance, Private Lenders

More Canadians say they are at risk of insolvency

1/22/2019 | Posted in Financial Health by Jessi Sandhu

An increasing number of Canadians say they are concerned about their debts and are edging towards insolvency. ... More

Tags: Household Debt, Interest Rates, NonMortgage Debt, Personal Finance

Poloz buys borrowers more time but punishes savers

1/16/2019 | Posted in Interest Rates by Jessi Sandhu

What the Bank of Canada's decision to hold its key rate means for borrowers and savers. ... More

Tags: Bank of Canada, Bank of Canada Benchmark Rate, Household Debt, Interest Rates, Mortgage Consumers, NonMortgage Debt, Savings

More people are going broke in Canada as interest rates rise

1/9/2019 | Posted in Financial Health by Jessi Sandhu

It's a worrying sign for an economy that has relied so heavily on consumer spending and the housing market to drive growth. ... More

Tags: Bankruptcy, Consumer Confidence, Consumer Spending, Finance, Household Debt, Interest Rates, NonMortgage Debt, Personal Finance

CMHC issues warning

12/17/2018 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

The prospect of interest rate hikes is particularly daunting for residents of Toronto and Vancouver—two cities with debt levels well above the national average. ... More

Tags: Canada Mortgage and Housing Corporation, CMHC, Household Debt, Interest Rates, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, Toronto, Unsustainable Price Growth, Vancouver, Variable Rate Mortgages

Canadian Household Debt Growth Slows Down

12/7/2018 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

Rising interest rates and new mortgage rules have finally forced an end to years of rapid lending, according to the latest data from Bank of Canada. ... More

Tags: Bank of Canada, Canada Real Estate, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt

Bank of Canada wants rates back to normal - what that means for your mortgage, line of credit

11/2/2018 | Posted in Canadian Economy and Housing Market by Jessi Sandhu

The benchmark rate set by the central bank is called the overnight rate and it’s now at 1.75 per cent, up from 0.5 per cent in the summer of 2017. ... More

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