We’ve all heard the warnings about carrying too much credit card debt – but a recent study finds Canadian card balances may actually be of benefit to the nation’s biggest lenders.
The Bank of Canada paved the way for lower interest rates last week by cutting their Overnight Lending Rate. How will consumers be affected? Check out our breakdown, from borrowing to lost jobs.
Two December debt reports were released this week with some dire news for Canadian consumers. Here’s what you need to know, plus the week’s top finance headlines.
Bank of Canada Governor Mark Carney has repeatedly warned Canadians to simmer down on their borrowing costs – but that hasn’t stopped us from racking up a new 8-year record high debt level. According to credit bureau TransUnion, average Canadian debt levels (excluding mortgages) reached $26,221 in the second quarter – an increase of $192.
Over the last week the Real Estate Board of Greater Vancouver (REBGV) and Toronto Real Estate Board released their monthly real estate market reports. Here is a summary of their findings.
January is turning into one of the hottest months ever for real estate sales. Realtors say they have never experienced such a busy January. In my opinion, 2012 could be one of the hottest years for real estate. The mini boom the country is experiencing now will only grow as we move into the busiest real estate season. What’s behind the boom?
If you want to buy a standard two-story home in Canada, you will need to have a household income of almost $88,000 to afford it. These continued high prices are pushing one particular group of people out of the housing market, Canada’s youth.
In January of this year, Jim Flaherty, Canada’s minister of finance, announced that new mortgage and HELOC restrictions were to come into effect in March, 2011. The purpose of the new restrictions was to help curb consumer debt, which was said to be rising at an alarming rate. So have Flaherty’s restrictions brought the stability he sought, or are consumers only sinking deeper into debt?