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naheekim

TheSpec - Average Canadian family $100,000 in the red - 0 views

  • The average Canadian family has joined the $100,000 club, but it’s one they most likely don’t want to belong to.
  • Average Canadian household debt has hit $100,879. That’s close to twice as much as we owed 20 years ago, according to a study by the Vanier Institute for the Family
  • At the same time, the rate at which Canadians save has dropped
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  • In 2010, that savings rate has dropped to 4.2 percent — about $2,500 per household.
  • the recession has shaken out the labour market. “We’re experiencing a gain in jobs, but people are now in jobs that paid less than what they did.
  • Mortgages account for about two-thirds of the $100,879 owed by the average household, or about $63,126 per household, with 55 per cent holding mortgages and 45 per cent mortgage-free. The other third is consumer debt, which includes credit cards and personal loans.
  • “The debt-to-income ratio is concerning … but recently, (mortgage) credit demand has slowed and consumer credit demand has slowed considerably as well. It’s now at less than 5 per cent, which is half of what we saw in the previous five years on average.”
  • Personal debt consolidation and restructuring expert Jim Ferguson said the most common reason people are getting into overbearing debt is the ease of availability of credit
  • Canadian debt levels, relative to income, are still meaningfully below peak U.S. levels, but that a further sizable increase would be worrisome.
  • “Household financial assets are also growing fast due to the strong stock market, which dampen concerns about the debt, but assets can vanish more quickly than debts.”
naheekim

Household debt continues to rise - Business - CBC News - 2 views

  • Household liabilities grew by 6.5 per cent in the fourth quarter, compared with the same period a year ago, the slowest annual growth rate since the fourth quarter of 2002.
  • The average debt-to-personal disposable income ratio edged down to 146.8 per cent in the quarter, but only because a 1.8 per cent gain in average personal disposable income outpaced a gain in credit market debt.
  • But the rate at which Canadians piled on debt slowed, with nonmortgage credit, such as credit cards, slowing the most, at 5.8 per cent from a year ago.
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  • Overall household liabilities grew by 6.5 per cent from the same period a year ago levels.
  • Household net worth per capita increased from $178,200 in the third quarter to $181,700 in the fourth quarter.
  • The rate of growth in net worth, after rebounding from the recession, has stayed in a range of between five and six per cent. That compares with a pace of between nine to 10 per cent in the five years leading up to the recession.
  • "Once interest rates start to rise over the latter half of 2011, the debt-service ratio is expected to climb substantially."
  • Measuring all debt — government, business and family — national net worth edged up 0.3 per cent to $6.3 trillion in the fourth quarter, the slowest quarterly growth of the year.
naheekim

Canadian household debt swells to $1.3 trillion - CBC News - 1 views

  • Canadians are increasingly relying on credit cards and credit lines to finance day-to-day expenditures, and the total national household debt in Canada has reached an all-time high of $1.3 trillion,
  • The survey found that 42 per cent of respondents said their personal debt was rising in the past three years, and 21 per cent said they couldn't manage their debt
  • Some 58 per cent of respondents said that day-to-day living expenses are the main cause for the increasing debt.
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  • The survey interviewed 2,014 people and had a margin of error of 2.2 per cent, 19 times out of 20.
  • Third of non-retired Canadians report not saving
  • Many Canadians are not aware of how the economic downturn has impacted their financial situation and continue to load up their credit cards and lines of credit
  • The report finds that 32 per cent of non-retired respondents said they were not devoting any funds toward saving, even for retirement, up from 25 per cent in 2007
  • Of those making under $35,000 a year, 49 per cent surveyed reported that their debt levels rose in the last three years. In comparison, 42 per cent of those making $35,000 to $75,000 a year reported their debt levels rose, while 38 per cent of those making over $75,000 annually reported an increase
  • Personal lines of credit expanded to a new high of $181 billion outstanding in April, an increase of 6.2 per cent year-to-date, and up 20.4 per cent from a year earlier. This type of debt has bloated from $100 billion five years ago and less than $50 billion at the start of the decade.
  • Personal loans from banks totalled $48.5 billion, up 8.1 per cent from a year earlier, and bank credit-card receivables were up 8.9 per cent at $51.5 billion.
Linda Lei

Executives should monitor household debt - Ivey Business Journal - 0 views

  • Household debt is the personal and mortgage debt of Canadian consumers.  It has been on a tear.  According to Statistics Canada, Canadian household debt reached a record 148 percent of disposable income in the third quarter of 2010 before closing the year at 147 percent.  It was 50 percent in 1990 and 110 percent in 2000
  • The Bank of Canada estimates home equity lines of credit and loans may be up as much as 170 percent in the last decade while mortgage debt at is about half that rate.  Home-equity lines of credit and loans are now about 12 percent of household debt and often end up financing non-housing related purchases like vacations and vehicles.  At the margin, too many Canadians are living off their homes.
Steven Iarusci

The Canadian Press: Canadian borrowing grows 4.5 per cent in first quarter from year ago - 0 views

  • Canadians' average non-mortgage debt grew 4.5 per cent to $25,597 in the first quarter compared to a year earlier, signalling that consumers aren't necessarily clamping down on borrowing even as they rein in spending.
  • Total debt per consumer, including credit cards, car loans and lines of credit but excluding mortgages, was up from $24,497 in the same quarter of 2010,
  • most in Quebec and Newfoundland and Labrador, with debt rising by 7.8 per cent in both provinces, while British Columbians had the highest average consumer debt at $36,649
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  • consumer debt rose in all provinces
  • the trend still remains modest compared to the double-digit, pre-recession levels
  • Average credit card debt
  • sign of troubled credit health, the national credit card delinquency rate — the ratio of credit card accounts that are 90 days or more overdue — grew 11 per cent from the first quarter of 2010.
  • consumers are focused on consolidating debt after borrowing heavily during the recession
  • Lines of credit are the most popular form of consumer debt
  • more than 41 per cent of outstanding debt at the end of the first quarter
  • consumers should take care to rein in their borrowing
  • consumer spending slowed during the first quarter, to just 0.1 per cent growth
  • average borrower debt on auto loans was also up in the quarter — by 12.4 per cent to $16,189 from $14,402 in the first quarter of 2010
  • higher energy and particularly gasoline prices are taking a bigger bite out of household budgets, leaving less for other forms of expenditures
  • high levels of indebtedness are expected to weigh down purchases going forward
Heshani Makalande

Canadian debt load: $26,000 - excluding mortgages - Moneyville.ca - 0 views

  • Already at record levels, Canadians now owe just under $26,000 on average on their lines of credit, credit cards and auto loans, according to credit rating agency, TransUnion.
  • That’s an increase of 4.5 per cent, or another $1,000, over the same period last year.
  • The fear is that higher rates could push more consumers beyond their ability to repay their loans
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  • Debt growth in Canada is slowing from the double-digit pace seen before the recession
  • And total borrowing, including mortgages, typically the biggest household loan, is slowing, major Canadian banks said recently in their quarterly reports.
  • The Bank of Canada’s trend-setting overnight lending rate is just 1 per cent. But with inflation running at 3.3 per cent, above the central bank’s ideal range, Carney is under pressure to start raising lending rates to dampen demand.
  • Total debt per consumer increased to $25,597 in the first three months of this year,
  • Among types of loans, TransUnion said credit card debt, usually the most expensive to carry, barely budged from a year ago, falling $25 to an average of $3,539.
  • In a sign some borrowers may already be struggling, the national credit card delinquency rate rose 11 per cent. The rate measures the ratio of consumers who take 90 days or more to pay their bill.
  • The average line of credit, the most popular loans for their low cost and high flexibility, rose 5.9 per cent to $33,762 compared to last year. However, total line of credit debt declined for the first time in five quarters.
  • One noticeable shift was the decreased use of lines of credit, Higgins said. The category is the largest among consumer loans, making up 41 per cent of the total, and even more in Ontario, at 57 per cent
  • The study found debt loads rose in all provinces, led by Quebec and Newfoundland and Labrador. British Columbians had the highest load at $36,649.
  • Lines of credit are the most popular form of consumer debt, excluding mortgages, accounting for more than 41 per cent of outstanding debt at the end of the first quarter. Debt on lines of credit stood at an average $33,981, up 5.9 per cent from $31,867 in the first quarter of 2010.
Steven Iarusci

Canadians load up on mortgages, cut card debt - 0 views

  • The bank set aside $145million in provisions for credit losses, down $104-million as more customers repaid their loans.
    • Steven Iarusci
       
      BMO is the bank in question.
  • consumer credit-card balances are declining as bank customers start to heed warnings about taking on too much debt
  • On the residential mortgage side, Mr. Downe said he expects to see growth start to "soften" in the coming months
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  • record household debt levels have left this country vulnerable to economic shocks
  • the Canadian banks will report a slight increase in profit for the quarter as they contend with the impact of declining consumer borrowing, moderating capital markets activity and other headwinds.
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  • With domestic household debt levels hovering close to where they were in the United States prior to the financial crisis, many observers are warning that Canadians need to start paying down debt if the economy is remain on level footing
  • anadian consumers continue to pile on mortgage debt despite repeated warnings that they need to crank back on borrowing if this country is to avoid a painful real estate correction
  • Canadian consumers continue to pile on mortgage debt despite repeated warnings that they need to crank back on borrowing if this country is to avoid a painful real estate correction
  • growth in the overall home loan market "is continuing to be more robust,"
  • Canada's fourth-largest lender on Wednesday kicked off second-quarter bank earnings season with a 7.5% increase in profit on the back of lower provisions for bad loans
Linda Lei

The Progressive Economics Forum » Reduce Student Debt to Reduce Household Debt - 0 views

  • As Armine made clear in her presentation, household debt in Canada has steadily risen over the past two decades.  In 1990, the average Canadian household had debt representing just under 90% of its personal disposable income.  Today, that figure stands at roughly 150%.
Steven Iarusci

Consumer fatigue an ominous sign for economy - The Globe and Mail - 1 views

  • Consumers typically account for 60 per cent of the country’s gross domestic product, and rising living costs along with elevated debt levels suggest they won’t be much help this year
  • Gross domestic product expanded at an annualized 3.9 per cent in the first quarter, the fastest pace in a year, led by business investment and manufacturing, Statistics Canada said
  • that pace will be cut by almost half in the second quarter, while Finance Minister Jim Flaherty told reporters Monday he’s anticipating “more modest” growth in the rest of the year
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  • In the near term, households are under pressure as rising food and energy costs cut into their budgets
  • “I will never, never do that again. I want to have the money up front before I buy something, because I don’t want to get into that trouble again,” said Ms. Thornton
  • the household debt service ratio – debt payments to disposable income – jumped to a three-year high of 7.8 per cent from 7.2 per cent
  • Kim Thornton, for example, is one fatigued consumer. The mother of four says her family ran up about $50,000 in debt in prior years on credit card spending
  • In the longer term, high debt levels could restrain spending for years
  • Canadians are getting the message about whittling down debt, and that is translating into fewer purchases of discretionary goods
  • reduced hours and leaner wages – a legacy from the recession – mean many families have less money with which to service their debt, he added
Linda Lei

A warning for Canadian consumers, household debt could spark 'made in Canada' recession... - 1 views

  • “One scenario is that interest rates rise, house prices drop, and more people begin defaulting on their credit card debt and mortgage obligations. An equally worrying – and perhaps more likely scenario – is that interest rates go up a little, and more of people’s disposable income goes to repaying their debt, leading to a significant reduction in consumer spending. Since personal spending on consumer goods and services accounts for 58 per cent of the Canadian gross domestic product, this decrease would provoke a ‘made in Canada’ recession.”
  • Total household debt in Canada now tops $1.5-trillion, or three times the national debt, MIT said in a statement outlining the paper by Mr. Dunfield and his colleagues in the Action Canada fellowship. That means that while Mr. Flaherty is being fiscally responsible, many of us may not be following suit.
  • “Canada has also avoided the wide regional performance differences seen in the U.S., where states such as Nevada, California and Florida suffered significantly larger declines than the nation overall,” Mr. Goldin added. “In Canada, house prices in Calgary and Vancouver fell further than those across the nation, but the variance was relatively minor by comparison
Steven Iarusci

Report cautions that over-indebted consumers can't drive economy - 0 views

  • a rate hike may come in the fall
    • Steven Iarusci
       
      Interest rates
  • the main message is that consumers cannot be the main engines of economic growth over the next couple of years,” the authors conclude. “Instead, the economy will have to rely on other sources of growth, such as exports and business investment.”
  • Canadians have “eased off the debt-accumulation throttle,”
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  • still net borrowers, meaning they borrow more than they save
  • consumer spending will not be the engine of economic growth in the coming quarters and the inevitable future rebalancing of monetary policy will be a shock to many households
  • some of the drop in household indebtedness is explained by strong income gains, not by debt repayment per se
  • sustainable personal growth is likely in a range of 4.0-4.5 per cent. Credit continues to grow at a pace that is two percentage points above that
  • the level of Canadian household debt — which in December officially surpassed those of our neighbours to the south — is unsustainable
  • total consumer debt load is reported to be about $1.5 trillion
  • Data released late last year suggested Canadians owed on average $112,000 — a figure that includes all kinds of debt, including mortgages — and a debt-to-income ratio of 150 per cent means they were spending $1,500 for every $1,000 in take-home pay
  • Factors that will moderate credit growth over the short term include spending fatigue, a soft landing in the housing market, stricter mortgage rules and Canadians preparing for the higher interest rates that are sure to come as the economy recovers.
Linda Lei

Stats Canada discusses household debt | The Economic Analyst - 1 views

  • Recent research suggests that if interest rates rise by three percentage points, the debt-to-income ratio needs to fall to between 125% and 130% for interest payments on the debt to remain the same
  • Interestingly, note the rise in mortgage debt which started in 2003.  This is the year that the price ceilings were removed by CMHC, meaning that CMHC would insure any mortgage no matter how high.  This, combined with a loosening in down payment requirements, is quite likely the largest driver in house price increase and debt expansion.  Some economists in Calgary recently calculated that the changes in CMHC insurance requirements have been responsible for 40-70 percent of all house price increases since 2004.
Susan Cui

The Progressive Economics Forum » Housing on the knife's edge - 6 views

  • On the heels of multiple warnings from the Bank of Canada that Canadians have taken on too much household debt for comfort (we hold the dubious distinction of having the worst consumer debt to financial assets ratio among 20 OECD nations), the federal government announced
  • On the heels of multiple warnings from the Bank of Canada that Canadians have taken on too much household debt for comfort
  • the federal government announced
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  • these federal changes will have the greatest effect on middle class Canadians
  • With these moves, the federal government is starting to take seriously the risk of record-high housing prices and record-high household debt.
  • It will reduce the maximum insurable amortization period from 35 years to 30 years
  • The pessimistic possibility is that trying to reign in mortgage debt and housing prices could burst the housing bubble that simultaneously exists in six Canadian cities.
  • The optimistic possibility is that reverting to pre-2006 regulations could help put a lid on house prices
  • to get back to basics and start saving again.
  • It could also force Canadians
  • Between 1980 and 2001, housing prices in four of the six major markets in Canada (Edmonton, Calgary, Ottawa and Montreal) remained in a tight band of between $150,000 and $220,000 (in today’s dollars).
  • experienced three housing price declines between them brought on by interest rate hikes.
  • Toronto and Vancouver
  • When the bubbles burst, they wiped out in the worst case more than 35% of an average house’s value
  • Today it isn’t just Toronto and Vancouver; it’s all six major Canadian cities that are outside of the safety zone.
  • Canada’s housing market is still on a knife’s edge and isn’t clear which way we’ll fall.
Maria Li

Rate hikes okay for most but a 'financial shock' for many - The Globe and Mail - 0 views

  • Most Canadians should be able to handle higher interest rates expected later this year, but many will still see a "financial shock," Toronto-Dominion Bank economists say
  • "The main question is how households will respond to the eventual rebalancing of monetary policy, TD economists Craig Alexander and Diana Petramala write in a new report that looks at indebtedness among Canadian households.
  • Canadians will experience a financial shock when interest rates eventually rise, but the vast majority of households should be able to cope so long as interest rates rise only gradually
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  • Bank of Canada held its benchmark overnight rate steady at just 1 per cent, citing global uncertainty and the impact of the strong Canadian dollar, but said rates must eventually rise
  • Annual personal credit growth slowed to a year-over-year pace of 6.4 per cent in April, compared to an average 10.9 per cent in a period spanning 2004 to 2008
  • The moderation in credit growth has been evident in all measures of debt
  • The debt-service ratio, the interest households must pay on their debt each month as a share of personal disposable income, climbed to a two-year high of 7.6 per cent in [the first quarter of] 2011, despite still record low interest rates.
Linda Lei

Canadian household debt hits record high - thestar.com - 0 views

  • Average household debt soared to a new Canadian record in 2009, rising 5.7% to more than $91,000, according to a study released Monday.
Linda Lei

Canada Tightens Mortgage Rules to Curb Household Debt - Businessweek - 0 views

  • Jan. 17 (Bloomberg) -- Canadian Finance Minister Jim Flaherty tightened rules to restrain record household borrowing, giving the Bank of Canada more scope to extend a pause in interest rate increases.
  • Flaherty said today Canada will shorten the maximum amortization period for government-insured mortgages to 30 years from 35 years, lower the maximum amount homeowners can borrow against the value of their homes, and withdraw its insurance on home-equity lines of credit
Benjamin Gray

Canadians take Carney's debt warning to heart - The Globe and Mail - 0 views

  • At the time, the average household debt level including mortgages had reached a record 146 per cent of personal disposable income.
  • Ottawa also moved to lower the amount Canadians borrow against their home, reducing the amount homeowners can leverage in a mortgage refinancing to 85 per cent of the property’s value, from 90 per cent.
  • Even though Canada’s economic downturn was shorter and less brutal than in many countries, rising debt could be a problem in a future downturn, particularly if housing prices are hit.
Heshani Makalande

Canadians to get rate hike reprieve - Moneyville.ca - 0 views

  • The Bank of Canada is widely expected to leave its key benchmark interest rate unchanged next Tuesday — and may even sit on the sidelines until September, economists say
  • Even if the central bank leaves its overnight rate unchanged at 1 per cent next week, it’s likely to again warn consumers that the clock is ticking: interest rates will be going up; it’s just a matter of when.
  • “One per cent is not normal. Everybody realizes that. Rates will go up,”
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  • Late last year, and even at the beginning of 2011, economists were certain that the Bank of Canada would start increasing its overnight rate this spring. That was pushed to the summer amid continuing worries about the health of the U.S. economy.
  • Now more economists are expecting that the central bank will take a pass at its July policy meeting as well, and begin raising rates in the fall.
  • The central bank is nervously contemplating the continuing European debt restructuring, attempts by China to tame inflation, the impact that will have on commodity prices, and the still-fragile recovery in the U.S.
  • In particular, the U.S. may be susceptible to supply chain disruptions as a result of the earthquake and tsunami in Japan, and the resulting nuclear disaster
  • “The second quarter didn’t start well and the earthquake will weigh on the rest of the quarter. For now Q2 is not looking that great, and when the U.S. doesn’t do well, it affects Canada as well,” Rangasamy said.
  • In Canada, the economy is still expected to expand by a healthy 3.2 per cent in 2011 and 3.1 per cent in 2012, according to the Royal Bank of Canada. Inflation also remains tame, thanks in part to a buoyant loonie.
  • The central bank has been anxious to raise interest rates in order to keep a lid on household debt, which has reached record levels in Canada.
Heshani Makalande

Housing affordability getting worse, RBC says - Moneyville.ca - 1 views

  • Despite two quarters of increasing affordability thanks to lower mortgage rates in the second half of 2010, housing affordability will remain an issue for Canadians in 2011, said a report by RBC Economics released Friday.
  • “We believe we have now entered a period of steady increases in homeownership costs, which will act to restrain growth in homebuyer demand in Canada for the quarters to come,”
  • Declining mortgage rates mean that the second half of 2010 showed improving affordability. The first quarter of 2011 saw mortgage rates remain flat, but house prices started to accelerate upward across Canada
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  • In the key Toronto market, housing affordability measures rose by 0.8 per cent for a 1,200 square foot detached bungalow in the first quarter.
  • It now takes 47.5 per cent of household income to service the cost of mortgage payments, property taxes and utilities.
  • The average price of a bungalow in Toronto was $486,900 and the qualifying income needed to purchase was $103,000. But that is light years away from the Vancouver market, where an average 1,200 square foot bungalow is $736,000 with a qualifying income needed of $136,900.
  • Affordability levels are expected to get worse as interest rates get higher this year, said RBC, warning that Vancouver may be “dangerously disconnected from prevailing local housing demand fundamentals.
  • “The risk of a sustained and widespread drop will be limited given our expectation of a positive economic context that will sustain growth in household income and a gradual pace of interest rate policy normalization,” said Hogue. In Ontario, the market looks to be on a “sustainable path” although it is likely to face headwinds in the coming months arising from interest rate increases and a tightening in mortgage regulations, said RBC.
Noah Schafer

Jobless rate, global uncertainty to test Tories' economic strategy - thestar.com - 0 views

  • The new Conservative government’s business-friendly economic strategy will be tested by uncertain global conditions and a stubbornly high jobless rate in Canada. One of the first items on Prime Minister Stephen Harper’s agenda when Parliament re
  • The new Conservative government’s business-friendly economic strategy will be tested by uncertain global conditions and a stubbornly high jobless rate in Canada.
  • n February, Canada’s output sank by 0.2 per cent, the worst monthly performance since May 2009.
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  • One of the first items on Prime Minister Stephen Harper’s agenda when Parliament returns will be reintroduction of a $278 billion budget that includes a sprinkling of social and economic spending and a plan to slay the budget deficit in several years. And the government will continue with a $6 billion corporate income tax cut.
  • “The risks still lie outside the Canadian border, which as we’re well aware can have a spillover effect on Canada,” said Royal Bank chief economist Craig Wright.
  • “We’re seeing continued uncertainty and concerns still with respect to the Eurozone and where it’s headed,” he said. Uncertainty on economic growth is also being fanned by volatile energy markets and the questionable U.S. business rebound, Wright said.
  • Prospects for Canada are also complicated by expectations that spending by debt-burdened consumers could slow in 2011 and by the shut-off of the Conservatives’ two-year, $47 billion emergency stimulus program.
  • With government spending slowing, the Conservatives have staked a great deal on their view that the business community will pick up the slack and stimulate the economy with expansion-minded investments.
  • Besides phasing in corporate income tax cuts worth $14 billion by 2012, the Conservatives in recent years have provided a wide range of investment incentives for business, including easing taxes on small business and manufacturers. In all, tax cuts for business by the Conservatives total an estimated $60 billion by 2013.
  • both Flaherty and Bank of Canada Governor Mark Carney have pointedly talked about the urgent need for more spending on machinery and equipment by companies.
  • But many are not convinced, with some Canadians saying the government would be smarter to tie tax incentives directly to company investments to ensure that corporations don’t just pocket the extra profits.
  • Speaking of corporate tax cuts, Canadian Association of Social Workers spokesperson Fred Phelps said it would be one thing “if corporations turned around and invested those funds into the economy.” But he said that hasn’t been happening in recent years. “What really has driven us out of the recession,” he said, “is spending by households and government, not business.”
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