Canadian home ownership has been on the rise for the last few years mostly because of the abnormally low interest rates and 5% down. Home ownership is the most important thing to most people and a great accomplishment.
What's not being told is how much debt Canadians have taken on.
This chart shows how much Canadians are hooked on debt. In 2016 the numbers were released, 165.3% debt to income ratio. The debt has gone up year over year with little to no debt repayment . Most people don't realize how bad this is for economic growth. How do you grow an economy that is being held down with huge amounts of debt.
This chart shows that in 2008, United States had a housing crisis which caused huge amounts of defaults and housing values to drop. Will this be a foreshadowing of whats to come for our neighbours to the north?
Hey @keepitreal, Thanks for the post. I'm from Canada. China is exporting their ghost cities to Canada. Grab some popcorn;)
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Ah good point. The Chinese are probably skewing this chart heavily. You can see the same thing going on in the US Pacific Northwest.
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I'm curious to see if the housing market is declining in 2016 since the oil sands went bust. I know here in North Dakota housing prices have leveled off and maybe even declined a little bit.
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