Canadian Debt Rising

Posted by under Mortgage News


CTV Canada had released a segment and article titled Canadians’ personal debt levels see highest spike since 2009 outlining a problem that seems to be ever-growing. A lot of warnings from different finance bodies about the perils of owing too much. The effects of carrying on too much debt are much more deeper if one goes past the given financial problems that it represents. Jeffrey Schwartz of Consolidated Credit Counseling Services of Canada outlines that the effects are very much personal: marriages experiencing difficulty and these troubles are also creeping into the workplace.
In regards to debt there is a disturbing trend that is occurring across the country. A report from TransUnion outlines that Alberta and Quebec had the highest year-to-year increase with 11% and 9% respectively. TransUnion also mentions that the average Canadian owes an average of $27,485 in personal debt which is an increase of $1,525 from 2011.
Here at Zoocasa we know that the cost of living is constantly increasing and as much as finances are hard for everyone, we really believe that homebuyers, especially first-timers, can achieve the reality of owning their home. Among the obvious about reducing personal debt, a little planning ahead and shopping around can put you that much closer to home ownership.
Zoocasa has a lot of resources where you can do just that: Mortgage Marketplace and Before You Buy: Insurance, Home Ownership and Moving. The following is an excerpt from an article called The Hidden Costs of Buying a Home.

Let’s face it, visiting open houses is the exciting part of house hunting. It’s the planning and actual moving that can be stressful. And then, all of the extra costs! Not only moving costs, there are also other hidden costs – known as closing costs over and above the price of your home – and are usually required before you even move in! To help lesson the impact of closing costs, experts recommend saving 1-2% of the price of your home.

Click here to read more.

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Marketing at Zoocasa, Brokerage.

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