Consumer Debt is Out of Control
The news is out. The comparison between the US and Canada was that Canadians did not carry the debt levels that America’s have. Not so accoreding to the Vanier Institute.
“Many Canadian households carry debt loads in the “danger zone,” says the executive director of the Ottawa-based Vanier Institute of the Family.
Average household debt rose to more than $90,000 in 2008, Clarence Lochhead told a recent meeting of Victoria’s Association of Family Serving Agencies. The Vanier Institute is a non-profit agency promoting the well-being of Canadian families.”
The economic slow down will cause Canadian’s to draw down their spending as they pay off debt. Good news in the long term but in the short term it will cause our economy to shrink.
If you are in a strong cash and/or credit position Vancouver real estate will starting looking more attractive. A drop in housing prices is expected in the Vancouver housing market.
Duncan Seward is associated with TMG a group of mortgage brokers in BC. He helps people arrange a mortgage in BC. Every Friday he updates BC mortgage rates. You can check out his blog covering the mortgage market in Vancouver.
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