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
Mortgage debt surges as economy picks up steam
Filed Under Main Content · Tagged: Business Investment, Canada Economy, Canada S Economy, Consecutive Quarter, Consumer Spending, First Quarter, Fourth Quarter, Globe And Mail, Import Volumes, Mail Canada, Mortgage Debt, Pace, Residential Investment, Services Statistics, Statistics Canada, Steam, United States
The Globe and Mail-Canada’s economy is on fire, surging 6.1 per cent in the first quarter at an annualized pace. As a measure of comparison, that compares to 4.9 per cent in the fourth quarter of last year, and just 3 per cent in the United States in the first quarter. It’s the best
“Residential investment increased for a fourth consecutive quarter, as did consumer spending on goods and services,” Statistics Canada said this morning. “Export and import volumes both rose for a third consecutive quarter, with growth in imports outpacing growth in exports in the first quarter.”
Notably, business investment rose 0.2 per cent. Spending on machinery and equipment rose 1.8 per cent, Statistics Canada said, though it is still 23 per cent below the peak in the first quarter of 2008…
Mortgage debt surges as economy picks up steam – The Globe and Mail
Don’t let debt ruin your retirement
Filed Under Main Content · Tagged: Anne Davies, Boomers, Complexity, Contrary, Divorce And Remarriage, Financial Planning, Grown Kids, Investment Properties, Mortgage Debt, Parenthood, Parents, Poll, Principal Residence, Quot, Rbc, Retirement Strategies, Vacation Homes
Financial Post- Whatever happened to the old financial planning guideline that debt should be jettisoned before retiring? Lee Anne Davies, head of retirement strategies at RBC, says modern retirement is more complex than the one Boomers’ parents enjoyed. Parenthood may have been delayed, grown kids may not have left the nest and "divorce and remarriage adds complexity."
Contrary to most experts, Davies thinks carrying debt in retirement is "not necessarily a bad thing." According to the RBC poll, 22% had mortgage debt only on a principal residence, while 5% were carrying debt on vacation homes or investment properties…
Don’t let debt ruin your retirement
Mortgage debt soars in Canada
Filed Under Main Content · Tagged: Appetite, Canada Ca, Canadians, Consumers, Household Debt, Mortgage Ca, Mortgage Canada, Mortgage Debt, Mortgages Canada, Risk, Soars, Term Mortgages, Yourhome
The Star- Despite warnings from some bankers that consumers should be prudent when taking on household debt, Canadians are gaining a healthier appetite for risk and taking on longer-term mortgages…
