OTTAWA — Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt was $2.08 trillion as of January this year, up six per cent from January 2022. However, the federal housing agency says in a new report that the rate of growth for mortgage debt slowed compared with recent years. The report attributes the trend to inflation, rapidly rising interest rates and cooling housing markets, which have weakened consumer confidence and left fewer home buyers looking to buy. Many
— Read on ca.finance.yahoo.com/news/canadian-residential-mortgage-debt-hits-150523801.html
Tag: Canada
Interest Rates: Stressed Homeowners in Canada Are Turning to Credit Cards – Bloomberg
Interest Rates: Stressed Homeowners in Canada Are Turning to Credit Cards – Bloomberg
— Read on www.bloomberg.com/news/articles/2023-05-18/bank-of-canada-sees-financial-stress-rising-among-homebuyers
Canada added 41,000 jobs in April, crushing estimates – BNN Bloomberg
Canada added 41,000 jobs in April, crushing estimates – BNN Bloomberg
— Read on www.bnnbloomberg.ca/canada-added-41-000-jobs-in-april-crushing-estimates-1.1916393
Economic update: Recession risk rising, deficit declining | CTV News
The federal government’s fall economic update makes it clear that while the deficit is declining, the risk that Canada enters into a recession is rising.
— Read on www.ctvnews.ca/politics/risk-of-recession-rising-deficit-projected-at-36-4b-in-2022-23-fall-economic-statement-1.6137290
Unemployment rate drops slightly to 5.1% in November, labour market still hot – BNN Bloomberg
Unemployment rate drops slightly to 5.1% in November, labour market still hot – BNN Bloomberg
— Read on www.bnnbloomberg.ca/unemployment-rate-drops-slightly-to-5-1-in-november-labour-market-still-hot-1.1854028
Unemployment rate drops slightly to 5.1% in November, labour market still hot – BNN Bloomberg
Unemployment rate drops slightly to 5.1% in November, labour market still hot – BNN Bloomberg
— Read on www.bnnbloomberg.ca/unemployment-rate-drops-slightly-to-5-1-in-november-labour-market-still-hot-1.1854028
David Rosenberg: Canada’s housing bubble has finally popped — don’t underestimate the impact
Another 25% decline in home prices would strip $1 trillion off Canadians’ wealth
— Read on ca.finance.yahoo.com/news/david-rosenberg-canadas-housing-bubble-184347689.html
Ontario millennials must save for 20+ years for down payment: report | CTV News
A new report shows house prices need to drop by more than $500,000 for millennials to be able to afford a home in Ontario.
— Read on toronto.ctvnews.ca/ontario-millennials-need-to-save-for-over-20-years-for-down-payment-on-a-home-report-1.6179803
Tiff Macklem acknowledges the Bank of Canada is losing money for first time | Financial Post
Tiff Macklem acknowledges the Bank of Canada is losing money for first time | Financial Post
— Read on financialpost.com/news/economy/bank-of-canada-losing-money-for-first-time/wcm/7f59995a-3115-45f6-91ef-ea5b7feb8c71/amp/
Home owners with variable-rate mortgages face difficult squeeze as interest rates rise, house prices drop, Bank of Canada warns – The Globe and Mail
Fifty per cent of variable-rate mortgage holders have already reached their trigger rate, according to estimates from the Bank of Canada
— Read on www.theglobeandmail.com/business/article-variable-mortgages-trigger-rate-bank-of-canada/