How Canadians are growing richer but deeper in debt
Filed Under Main Content · Tagged: Canadians, Credit Debt, Federal Statistics, Financial Assets, First Quarter, Fourth Quarter, Globe And Mail, Globe Mail, House Prices, Household Credit, Household Debt, Household Income, Liabilities, Mortgages, Net Worth, Residential Real Estate, Rose, Statistics Canada, Stocks, Trillion
The Globe and Mail- Canadians are getting richer as stocks and house prices rise. Household net worth rose 1.3 per cent in the first quarter of the year, or $74-billion, to $6-trillion, Statistics Canada said today, as the value of assets eclipsed the rise in liabilities. “This follows a 1.8 per cent advance in the previous quarter,” the federal statistics gathering agency said. “Gains in the value of financial assets, especially equities, as well as increases in residential real estate contributed to the advance in net worth.”
Household debt also rose, particularly mortgages, Statistics Canada said. The ratio of household credit market debt-to-income now stands at 147 per cent, up from 144.9 per cent in the fourth quarter of 2009…
How Canadians are growing richer but deeper in debt - 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
Home ownership costs to rise in Canada: RBC report
Filed Under Main Content · Tagged: Benchmark, Bungalow, Canada Vancouver, Condominium, Economics Research, First Quarter, Home Ownership Costs, Household Income, Housing Affordability, Interest Rates, Percentage Point, Percentage Points, Rbc, Rose, Straight Quarter, Townhouse, Vancouver Canada, Vancouver Sun
Vancouver Sun- Home ownership costs in Canada rose for the third straight quarter in early 2010, and those costs are going to get higher as interest rates rise this year, according a housing report released Tuesday by RBC Economics Research.
The RBC Housing Affordability measure, which identifies how much pre-tax household income is needed to own a home, rose nationally across all housing types in the first quarter of 2010.
The detached bungalow benchmark measure rose by 0.9 of a percentage point to 41.1 per cent, the standard townhouse inched up by 0.4 of a percentage point to 33 per cent, the standard condominium climbed by 0.5 of a percentage point up to 28.2 per cent and the standard two-storey home increased by 0.6 percentage points to 46.8 per cent…
Home ownership costs to rise in Canada: RBC report
Home ownership costs to rise: Report
Filed Under Main Content · Tagged: Benchmark, Bungalow, Canada, Condominium, Economics Research, Economist, Exceed, First Quarter, Hogue, Home Ownership Costs, Household Income, Housing Affordability, Interest Rates, Peak Levels, Percentage Point, Percentage Points, Rbc, Rose, Straight Quarter, Townhouse
Times Colonist- Home ownership costs in Canada rose for the third straight quarter in early 2010, and those costs are going to get higher as interest rates rise this year, according a housing report released Tuesday by RBC Economics Research.
The RBC Housing Affordability measure, which identifies how much pre-tax household income is needed to own a home, rose nationally across all housing types in the first quarter of 2010.
The detached bungalow benchmark measure rose by 0.9 of a percentage point to 41.1 per cent, the standard townhouse inched up by 0.4 of a percentage point to 33 per cent, the standard condominium climbed by 0.5 of a percentage point up to 28.2 per cent and the standard two-storey home increased by 0.6 percentage points to 46.8 per cent.
Robert Hogue, senior economist at RBC said in the report that although home ownership became more costly in the first quarter of 2010, affordability is still below peak levels reached in early 2008 and is not expected to exceed those peaks…
