A growing portion of Canadian households are finding it harder to service their assortment of debts, according to new data from Statistics Canada’s latest Survey of Financial Security.
As property values have soared, Canadians have been increasingly securing loans through home equity lines of credit, or HELOCS — which let borrowers tap into the value of their home even if they aren’t finished paying off a mortgage.
Amid a spate of interest rate hikes and increasing cautiousness among borrowers, market players and analysts are sounding the alarm on a possible upward spike
Ever since the introduction of a new mortgage stress test in January, Canadians’ mortgage debt levels have been on the decline, and last quarter was
While the Canadian household debt balance has broken all previous records by reaching a total of $2.13 trillion in July (up by 3.77% compared to
Many Canadians are feeling the debt crunch, despite two-thirds of the country being in a better financial position than previous years, according to a new
