Up, down, moderate – according to the media, Canada’s housing market sees more action than a roller coaster. How can readers sift through the misinformation and get to the real message?
Mortgages Spotlight: Genworth reports a decline in mortgage insurance defaults, and Canadians take a cautious approach to their debt.
The Department of Finance has long warned against the hazardous debt levels reached by Canadian households. After all, debt to income ratios rival those of the U.S., right before the economic downturn. However, a new report by TD Economics suggests the situation calls for less doom and gloom than previously thought.
Are Canadians heeding the warnings on high household debt levels? According to an recent RBC Economics study, we appear to be making progress, as debt nationwide declined in February.
A study by Canadian Association of Accredited Mortgage Professionals (CAAMP) which surveyed its mortgage broker members who issued more than 40K home mortgages during 2009 totaling $10B found that Canadians are borrowing less to purchase their new homes rather than more. The study was done after the Finance Minister, Jim Flaherty, and the Bank of …