Household Debt In Canada

If you have been a loyal reader to our blog, you would realize we were concerned many years ago about household debt in Canada and rightfully so! Sometimes we shake our head at what we read. At Robert Floris’ Mortgage Architects office in Hamilton, we reviewed the Bank of Canada’s semi-annual financial review.

They are concerned about household debt in Canada which was close to 170% of disposable income! We were worried when it was 167% several years ago and now it is even higher. The Bank of Canada is happy that home prices have stabilized but let’s take a commonsense look at the problem.

Price of Goods

From just one year ago these items are higher:

• mortgage rates
• interest rates
• cost of gas
• food prices [vegetables and produce]
• rents
• transportation cost
• wages (Ontario)
• restaurant food

The problem is that wages have not gone up in years and in proportion. I would be worried about household debt as well! Please think about your families and get your financial home in order. My prediction is that this will not end well for a lot of Canadians.

Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert <a href=”http://www.robertfloris.com/contact-2/”>here</a>.

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