Personal debt ratio hits record high of 163.7%
The amount that Canadians owe compared to their disposable income rose to an all-time record last quarter, although their net worth also increased.
Statistics Canada reported Friday that the level of household credit market debt to disposable income increased to 163.7 per cent in the third quarter from 163.1 per cent in the second quarter.
That means Canadians owe nearly $1.64 for every $1 in disposable income they earn in a year.
‘The seasonal bounce in mortgage borrowing in the previous quarter picked up into the fall’– Royal Bank economist Laura Cooper
Policymakers are fixated on the debt ratio in part because it was at above 160 per cent that households in the United States and Britain ran into trouble about five years ago, contributing to defaults and the financial crisis that triggered the 2008-09 recession.
Debt loads can be influenced by seasonal factors, and although the headline figure is higher, the rate of growth in that ratio was the smallest in 12 years.
“Those figures should be encouraging for policymakers and suggest that the Bank of Canada’s belief that imbalances are evolving constructively is right on the mark,” said Benjamin Reitzes, a senior economist with BMO Capital Markets.
Indeed, while they are borrowing more, Canadians are also worth more as their assets increase by a similar amount. The national net worth increased to $7.5 trillion in the third quarter, up 2.1 per cent from the previous quarter.
On a per capita basis, that works out to $212,700 for every Canadian. The previous quarter, that figure was $208,300.
Canadians saw their financial assets go up in value, as well as their non-financial assets (such as houses) do the same. The value of shares and other equities gained 3.7 per cent in the quarter, while the value of household real estate gained 1.5 per cent.
“The pace of debt accumulation picked up slightly in the third quarter as the seasonal bounce in mortgage borrowing in the previous quarter picked up into the fall,” Royal Bank economist Laura Cooper said.
Read More @ http://www.cbc.ca/
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C2784392 – M2R – 53 DEVONDALE AVE Toronto, Ontario – $ 840,000
Price Change. Nov 26: $ 799,900 Dec 13: $ 840,000 Dec 5: $ 850,000 Nov 15: $ 869,000
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C2799583 – – $ 545,000
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C2799594 – M2H – 3740 DON MILLS RD Toronto, Ontario – $ 313,800
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C2799699 – M4R – 571 ORIOLE PKWY Toronto, Ontario – $ 849,900
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C2799743 – M2N – 52 CHISWELL CRES Toronto, Ontario – $ 1,039,000
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C2799777 – M6H – 39 GLENHOLME AVE Toronto, Ontario – $ 899,000
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C2799785 – M2M – 138 HOMEWOOD AVE Toronto, Ontario – $ 829,000
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C2799813 – M2N – 95 FINCH AVE E Toronto, Ontario – $ 1,250,000
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C2799987 – M6C – 328 WINONA DR Toronto, Ontario – $ 549,900
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E2761233 – M1E – 23 MCMORROW CRT Toronto, Ontario – $ 522,990
Price Change. Dec 13: $ 522,990 Oct 12: $ 549,900
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E2781458 – M1R – 110 GOODERHAM DR Toronto, Ontario – $ 567,333
Price Change. Dec 13: $ 567,333 Nov 10: $ 569,000
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E2783186 – M4K – 157 GOWAN AVE Toronto, Ontario – $ 549,000
Price Change. Dec 13: $ 549,000 Nov 13: $ 569,900
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E2799504 – M1G – 93 MERKLEY SQ Toronto, Ontario – $ 365,000
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E2799598 – M4L – 102 HOLLYWOOD CRES Toronto, Ontario – $ 629,000
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E2799926 – – $ 398,000
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H3123336 – M9N – 25 LITTLE Avenue East , TORONTO, ON – $ 299,900
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Price Change. Dec 13: $ 277,900 Nov 28: $ 281,900 Nov 15: $ 285,900 Nov 14: $ 288,900
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W2799835 – M6L – 108 GRACEFIELD AVE Toronto, Ontario – $ 649,000
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W2799852 – M8Z – 38 KENWAY RD Toronto, Ontario – $ 1,298,000
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