How will Canadians service $1.56 trillion in mortgage debt plus other debts such as credit cards? What about tenants who can’t pay their rent?
A litany of problems, from too much debt to deflating housing bubbles in Vancouver and Toronto.
Average home price fell for first time since 2008, largest decline in the data going back to 2001.
The changes pose real threats to the highly speculative pre-sale condo market.
The national slowdown was particularly unkind to the province of BC.
It’s not subtle: Home sales plunge, inventory jumps, prices begin to react.
The magnificent house price bubble wheezes.
Variable-rate mortgages, the HELOC phenomenon, and new stress tests meet higher rates.
The Canadian Housing & Debt Bubble ascends to the next level of risk.