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OSFI Tells Banks to Stress-Test a Sharp Decline in Home Prices in Greater Vancouver, Toronto
OSFI urges some banks to stress-test a 30% drop in home prices. Canada’s banking watchdog is requiring some financial institutions to stress-test against sharp declines in house prices in Greater Vancouver and Greater Toronto, the country’s two hottest markets. The Office for the Superintendent of Financial Institutions (OSFI) sent out a notice to certain banks…
Read moreWeighing Household Debt and Net Worth
Statistics Canada has just released stats showing that one of the major things we’ve all been worried about is going the wrong way. It’s our household debt, and it’s climbing. For those ready to plunge into full-on panic though, take heart. Our household net worth is also on the rise, thanks to that red hot…
Read moreMortgage Debt Climbing Faster than Credit Cards; but is that a Bad Thing?
A recent report from Equifax showed that our household debt is increasing even though our delinquencies are on the decline. And when it comes to that debt, the report also stated that as Canadians, our mortgage debt is climbing at much faster speeds than that of our credit card debt. Now the question is, is…
Read moreCanada’s Consumer Debt Situation Not As Bad As We Thought
Some positive news out of a recent CIBC report shows that Canadians have significantly slowed down their accumulation of consumer debt over the last year. While total debt rose 1.8% over the last quarter, outpacing the 0.7% increase in income, consumer debt (that is, total debt minus mortgage debt) rose at the same rate as…
Read moreFinance Minister Concerned About Mortgage Debt
Finance Minister Jim Flaherty expressed his concerns about the impact of a future rise in rates on home buyers’ ability to repay debt.
Read moreCanadians Managing Mortgage Debt Responsibly
A CAAMP report suggests that Canadian homeowners are managing mortgage debt responsibly, making larger monthly payments and prudent long-term mortgage decisions.
Read moreHousehold Debt Up, But Still Manageable
I was interested to see that according to a new report from Statistics Canada that Canadians are deeper in debt than ever.
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