Overall consumer credit balances continued to grow in the second quarter – up to $1.88 trillion
Cash-strapped Canadians may be treating their homes like ATMS to pay off their bills, says a study by MNP Ltd. In a news release on Tuesday, the largest insolvency firm in Canada said three in 10 Canadian homeowners with a home equity line of credit (HELOC) say they have used the funds borrowed to pay…
C’mon Canadians, break out of the grim consensus, do your homework and invest your TSFA in the Canadian economy. The banks won't
The great Canadian experiment Justin Trudeau represents is struggling. It seems our very Canadian desire for consensus and safety are undermining the prosperity upon which all our other virtues depend. The desire for consensus – worthy in its own right – seems to be undermining the ancient principle of private property. For centuries, the norm…
September is around the corner. I was in school for so long, I think September will always feel like the start of the year. One of the things on my to-do list for the fall is to take my annual personal retreat. The retreat is my time to sit back and reflect on the past…
Kitchen stoves could soon be following the sewing machine as unnecessary household appliances
For many of us, the kitchen has always been a sacred place in our homes, often referred to as the heart of the home. But kitchens seem to be losing their lustre. An increasing number of condos and apartments are being sold and rented without a stove. In pricey Yorkville, one of Toronto’s most expensive…
Given that the climate crisis is upon us, where is our family’s money going to be safe? Most of us are not trained as investment bankers or economists, and yet we have to plan for our retirement futures, and for many, our presents. What’s safe; what’s not? Who really knows? Should we really try and…
Taxes – not life’s basic necessities – remain the largest household expense for families across the country
Taxes are once again expected to be a federal election issue in October, if a national think tank gets its way. A report released Thursday by the Fraser Institute, a Canadian public policy think tank, says Canadian families on average spent more than 44 per cent of its income on taxes in 2018 – more…
The result has significantly dampened the Canadian economy. Banks, not legislated stress tests, know best who can pay for houses
An uproar is brewing over real estate in Canada, fuelled by a misguided attempt to protect willing homebuyers from themselves. Owners see prices declining, while prospective first-time owners find themselves locked out by mandated stress tests. The federal regulator should ease stress-test requirements – if not eliminate them altogether – before they cause further harm…
A new survey indicates 46 per cent of Canadians say they would be embarrassed to get help if their financial situation was bad enough to consider bankruptcy and 31 per cent say the stigma surrounding bankruptcy prevents them from seeking help. The survey was conducted by Ipsos on behalf of MNP Ltd. “Unmanageable consumer debt…
Meghan Meger is regional president (Prairies) of BMO Private Wealth. Within the next decade, North America will experience the biggest transfer of wealth in its history. How many Canadian business owners will be impacted by this? Meger: It truly is unlike anything we’ve seen before. We anticipate approximately five million Canadian business owners to transition…
Will more money mean we sleep better at night, spend more time with friends and family, or contribute more to society?
There’s a story told that about a financial planner who was on holidays in Mexico. He was walking along the beach when he came to a fisherman sitting on a wharf, his feet hanging off the edge as he played guitar. “Is that your boat?” the planner asked the fisherman. “It is,” he replied. They…
Statistics Canada reported Friday that non-bank mortgage lenders held 1.7 million residential mortgages in the fourth quarter of 2018, two-thirds of which were uninsured. At the end of the fourth quarter of 2018, 1.7 million residential mortgages with a total value of $325.5 billion were outstanding, it said, adding that the uninsured mortgages outstanding contributed…
The cost of living was the number one concern for a third of all Canadians surveyed, according to a recent poll. And rising taxes contribute significantly to those costs
By Jake Fuss and Finn Poschmann The Fraser Institute A recent CBC News poll reported that the cost of living is one of the biggest issues worrying Canadians today. And yes, while trend inflation has been very low for a decade, it’s ticking up sharply. So although it’s easy to understand why Canadians are anxious…
Household net worth rose 2.7% to $11,114 billion in the first quarter, according to StatsCan
The Canadian household credit market debt as a proportion of household disposable income remained at 177.6 per cent in the first quarter, as debt and income grew at similar rates. In other words, there was $1.78 in debt for every $1 of household disposable income, according to data released on Thursday by Statistics Canada. The…
Brian Hawkins of The Tiny House Movement talks about the significant advantages in store for people who downsize
Brian Hawkins is owner of The Tiny House Movement. What is the Tiny House Movement? Hawkins: The Tiny House Movement has been around for more than a decade, but it's really taken hold the last three years. It's become much more mainstream with the help of TV shows on HGTV, Netflix and the DIY network.…
Mortgage loans accounted for nearly two-thirds of total debt, followed by home equity lines of credit, credit cards and auto loans: CMHC
The level of indebtedness of Canadian households rose faster than income in 2018, according to a new report by Canada Mortgage and Housing Corp. “As a result, the debt-to-income ratio continued to increase over the course of the year, reaching 178.5 per cent in the fourth quarter of 2018, a record high. According to Equifax…