Housing market remains vulnerable
Filed Under Main Content · Tagged: Canadians, Debts, Globe And Mail, Globe Mail, Housing Market, Mortgage Market, Mortgage Professionals, Mortgage Rates, Ottawa, Rising Interest Rates
Globe and Mail- Bloated debts and rising interest rates threaten to force a growing number of families to cut back and prompt Ottawa to intervene again to cool down the mortgage market.
Canadians have spent the past year rushing into a housing market fuelled by low mortgage rates, despite prices many could not afford if rates were to rise to more historically normal levels. About 375,000 homeowners are already being forced to cut spending in other areas, despite ultra low rates, the Canadian Association of Mortgage Professionals said in a recent report. A further 475,000 would find themselves in the same position if rates were to climb to 5.25 per cent…
Housing market remains vulnerable – The Globe and Mail
Second mortgages: Pile on the debt, pile on the risk
Filed Under Main Content · Tagged: Bank Of Canada, Canada Data, Consumer Debt, Debts, Doom, Family Debt, Household Income, Mortgage Debt, Ottawa, Portents, Research Organization, Risk, Second Mortgages, Vanier Institute Of The Family
Financial Post- Second mortgages on homes are no longer seen as portents of financial doom. Though they are debts piled on top of existing first mortgages, they have become what people do to get by.
According to a study by the Vanier Institute of the Family, an Ottawa-based research organization, the average Canadian family carries consumer and mortgage debt equal to 145% of household income. That ratio could rise to 160% by the end of 2012, according to Bank of Canada data. Yet coping with family debt has made second mortgages seem almost sensible…
Second mortgages: Pile on the debt, pile on the risk
CMHC important for Canada
Filed Under Main Content · Tagged: Borrowers, Canada National, Canada Post, Canadian Financial Institutions, Debts, Down Payments, Loans Canada, Stringent Requirements
National Post- CMHC, as well as Canadian financial institutions, apply stringent requirements at all levels of down payments to ensure borrowers are able to manage their debts prudently within the minimum requirements for insured loans…
Canada’s working ‘retired
Filed Under Main Content · Tagged: Canada Pension Plan, Debts, Guaranteed Income Supplement, Oas, Old Age Security, Ottawa Citizen, Retirement Savings, Toronto, Townhouse, Traditional Components
Ottawa Citizen, Ottawa, Ont – When Toronto resident Charlotte Neal, 68, retired three years ago, her financial plan included some fairly traditional components. There was income from Canada Pension Plan (CPP), Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). Ms. Neal had about $100,000 in registered retirement savings and she also owned a mortgage-free townhouse and had no other debts…
