Mortgages driving Canadian consumer debt to $73,632 per person in Q2

Credit & Debt DAZADA DIAMOND 8 Sep

Mortgages driving Canadian consumer debt to $73,632 per person in Q2 Despite the slowing of credit-use by Canadian consumers on some fronts due to the COVID-19 pandemic, overall consumer debt continues to grow – and the main driver is a resurgent mortgages market. That’s the finding of the latest Equifax Canada report on consumer credit […]

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How much does a “middle class” lifestyle cost in Toronto?

Latest News & Economy DAZADA DIAMOND 4 Sep

How much does a “middle class” lifestyle cost in Toronto? Condos in Toronto’s downtown core have become increasingly out of reach of most household budgets, skewing what it means to be “middle-class” in one of Canada’s hottest cities. Speaking to the Daily Hive, Fong and Partners Inc. said that a “middle-class” one-child household living in […]

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Government of Canada to Launch First Round of $300 million Housing Supply Challenge

Banks & Bank of Canada DAZADA DIAMOND 3 Sep

Government of Canada to Launch First Round of $300 million Housing Supply Challenge OTTAWA, ON, Aug. 21, 2020 /CNW/ – Every Canadian deserves a safe and affordable place to call home. To help foster housing supply solutions, the Honourable Ahmed Hussen, Minister of Families, Children and Social Development, today announced the Government will launch the […]

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Conference Board: COVID-19 impact on Canadian economy worse than initially projected

Latest News & Economy DAZADA DIAMOND 2 Sep

Conference Board: COVID-19 impact on Canadian economy worse than initially projected On August 24, the Conference Board of Canada released its latest look at COVID-19’s impact on the nation’s economy. Titled “Uneven Recovery” and featuring an all-too-fitting cover image of a man either rubbing his eyes with exhaustion or attempting to gouge them out of […]

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Canada’s Banking Regulator Begins Phasing Out Special Mortgage Payment Deferrals

Latest News & Economy DAZADA DIAMOND 1 Sep

Canada’s Banking Regulator Begins Phasing Out Special Mortgage Payment Deferrals Canadian banks are going to make it a little more difficult to get a break from your mortgage. Office of the Superintendent of Financial Institutions (OSFI) announced they will begin phasing out special treatment of payment deferrals. Previously, due to the pandemic, the regulator had […]

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New data finds Canadians more optimistic about debt, personal finances

Latest News & Economy DAZADA DIAMOND 31 Aug

New data finds Canadians more optimistic about debt, personal finances In defiance of pandemic-driven fears, Canadians are becoming more hopeful about their long-term financial prospects, according to the latest edition of the quarterly MNP Consumer Debt Index. After reaching a historic low when the coronavirus outbreak first took hold of the Canadian economy, households’ confidence […]

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Have CMHC’s underwriting changes affected business for brokers and lenders?

Latest News & Economy DAZADA DIAMOND 28 Aug

Have CMHC’s underwriting changes affected business for brokers and lenders? Prior to the implementation of the Canada Mortgage and Housing Corporation’s new underwriting rules on July 1, the industry was abuzz with the news that Canada’s private mortgage insurance providers, Genworth and Canada Guaranty, would not be following suit. Almost a month after the new […]

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Alberta has the highest mortgage deferral rates in Canada

Credit & Debt DAZADA DIAMOND 27 Aug

Alberta has the highest mortgage deferral rates in Canada Next highest rates were in Saskatchewan and Newfoundland, tied at 14.8 per cent Alberta leads the country in mortgage deferrals, according to the CMHC. (Robson Fletcher/CBC) Around one-in-five mortgages in Alberta remains in deferral, the highest rate of any province in the country, according to the Canada […]

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The good and the bad in TransUnion’s recent data

Credit & Debt DAZADA DIAMOND 26 Aug

The good and the bad in TransUnion’s recent data Two recent reports released by TransUnion Canada shed new light on Canadian borrowers’ credit usage and their view of their own financial struggles heading into the seventh month of the COVID-19 pandemic. In its Q2 Industry Insights Report, TransUnion found that while outstanding debt in Canada […]

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