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Friday, July 8th, 2022

We’re paying off mortgages faster than thought

TORONTO – A new report suggests that Canadian homeowners are paying down their mortgages faster than they’re being given credit for. CIBC deputy chief economist Benjamin Tal says homeowners are taking advantage of record-low interest rates to accelerate their mortgage payments, and shorten their amortization periods. The CIBC World Markets study says that homeowners are […]

The BoC’s Coté On Risk & Household Debt

The BoC’s Coté On Risk & Household Debt Since the credit crisis, theBank of Canada has stepped up efforts to quantify the risk lurking in our financial system. Deputy Bank GovernorAgathe Côté spoke about this Tuesday. She explained how the BoC models risks and provided the following factoids on Canadians’ debt exposure. She said: “…While record-low interest rates in […]

Simulating Economic Hazards

Rising indebtedness has elevated concerns about the ability of borrowers to cope with economic stress. The Bank of Canada (BoC) weighed in on this topic last week. In its semi-annual Financial System Review, the BoC performed a variety of simulations to estimate how job losses and rate hikes might prevent some people from paying their mortgage. Here are some […]

Younger families most snared by debt

Debt is the slavery of the free, the Syrian writer Publilius Syrus said all the way back in the 1st century B.C. And here we are, a few millennia later, more ensnared than ever. Canadian household debt loads hit record territory this year, surpassing even levels south of the border. A new Statistics Canada paper […]