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Canadians Are Drunk On Debt
Description
2021 home sales volume was 20% higher than any other year. Along with all these home purchases comes debt in the form of mortgages. A quarter trillion of new mortgages in 2021 to be exact. Household debt in Canada is now at 180% of disposable income, a new all time high. Whats more, with rates rising, the majority of new mortgages have been variable to the tune of 55%, up from just 8% two short years ago. The amount of mortgages issued to people putting the minimum 5% down doubled from 2020. So, is it all a house of cards about to come crashing down? Or will record low delinquencies and homeowner equity carry us through to the next upward cycle? We look into this further and share our vision on where housing is going next.
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