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Tag Archives: Economist

How long does it take the average Canadian homebuyer to save up a down payment?

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National Bank of Canada has reported that a Canadian household occupying the average income bracket would need around 60 months to save the minimum down payment for a residential property purchase. Assuming a 10% savings rate and a 6% down payment, this was the longest saving period calculated in around four decades. The reading significantly exceeded [&hellip…

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Household mortgage debt balance approaching $1.66 trillion

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Spurred by record-low rates and housing market dynamism, Canadians borrowed at an unprecedented pace in 2020, with national mortgage debt growing by 7.4% annually in November. The latest data from Statistics Canada showed that the overall household mortgage debt balance reached $1.66 trillion during the month. The surge was accompanied by a sharp spike in mortgage loans, [&hellip…

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Poll: Canadians to prioritize debt repayments and savings over major purchases

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Three out of four Canadians said that their top financial priority this year is to pay down debt or retain an elevated level of savings, according to a new survey conducted by Nanos Research Group for Bloomberg from December 27-30. Nanos found that 39% of Canadians are looking to prioritize debt repayments this year, while 37% [&hellip…

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