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A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Monday, June 24, 2019

Canadian HELOC balance has reached a new record high

Canada’s HELOC loan balance reached a historic high in April, passing the $300-billion mark for the first time.

Data from the Office of the Superintendent of Financial Institutions showed that the balance of this loan type reached $300.93 billion on that month, growing by 0.44% from March and by 7.56% from April 2018.

Most of this sum went to consumer debt for personal purposes, accounting for $268.38 billion of the April total. This represented an increase of 0.49% month-over-month and 5.35% annually.

The volume of loans secured by residential real estate has swelled considerably over the past 15 years, and now stands as the second largest portion of debt after mortgages.

“By itself, the loans aren’t good or bad, they’re just leverage. However, the surge in borrowing after real estate values soared can leave borrowers in a precarious situation,” Better Dwelling cautioned in its analysis of the OSFI numbers.

The Credit Counselling Society recently warned that loans continue to define many Canadians’ financial situations, with “unprecedented levels” of debt and no clear savings in place.

Citing data from Statistics Canada, CCS stated that overall consumer debt (including mortgages) swelled to $1.907 trillion during the first quarter of this year – a markedly higher level than the $1.823 trillion observed back in Q1 2018.

The StatsCan figures indicated that as of Q1 2019, the debt-to-income ratio was at 177.6%, while the average household savings rate dropped to 1.1%.

“We continue to hear from Canadians, who are concerned on how to make ends meet as their debt continues to grow. We’re finding Canadian consumers reaching out to CCS for assistance are carrying average debt levels over $30,000,” CCS director of education and community awareness Yanchuk Oleksy said.

“This is alarming, as two decades ago, the average was $12,000 of non-mortgage debt.”

MBN

We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.

Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome and rewarded!

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