Canadians seem Comfortable with No Mortgage Debt
Filed Under Main Content · Tagged: Canadian Business, Canadians, Mortgage Business, Mortgage Debt, Overwhelming Majority, Saving For The Future
Canadian Business
An overwhelming majority of 93 per cent of Canadians saw paying down debt as more or just as important as saving for the future. See full story on this topic »
Canadian mortgages top $1 trillion
Filed Under Main Content · Tagged: Annual Report, Canadian Mortgage, Canadian Mortgages, Canadians, Extra Cash, Home Purchases, Low Interest Rates, Mortgage Debt, Mortgage Holders, Mortgage Professionals, Rates Mortgage, Trillion
The Star- A new report says Canadian mortgage debt has spiked to over $1 trillion, largely as a result of high home prices and low interest rates.
The Canadian Association of Mortgage Professionals says in its annual report that the value of outstanding mortgages is now 7.6 per cent higher than it was last year.
The report says higher prices have forced many Canadians to borrow heavily to finance home purchases.
Meanwhile, low interest rates have spurred others to borrow against their homes. The report found 18 per cent of mortgage holders have taken equity out of their homes to free up extra cash…
Canadian mortgages top $1 trillion – Moneyville.ca
Canadians handling mortgage debt well
Filed Under Main Content · Tagged: Accredited Mortgage, Annual Report, Canada, Canadian Homeowners, Canadian Mortgage, Canadians, Extra 300, Mortgage Debt, Mortgage Professionals, Residential Mortgages, Solvency, Trillion
Financial Post- Canadian homeowners are handling their mortgage debt so well they could handle paying more each month, according to a report released Monday by the Canadian Association of Accredited Mortgage Professionals.
Its sixth annual report on residential mortgages found the vast majority of mortgage-holding Canadians (84%) could afford an extra $300 or more a monthly in payments.
This certainly bodes well for Canadian solvency levels, as the total level of outstanding residential mortgages in Canada crossed the $1-trillion mark in August, a 7.6% increase from last year…
Canadians handling mortgage debt well
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…
