Canadians managing mortgages despite soaring household debt load

The amount Canadians owe relative to their income ticked slightly higher in the third quarter. Statistics Canada says household credit market debt as a proportion of disposable income was 177.5.

Down payments and the other up-front costs of mortgages While getting a zero-down payment loan is challenging and you have to be a strict set of criteria, there are other programs that offer low down payments that may be more achievable. One of the most popular of the low-down payment loans is a Federal Housing Administration , which allows for a 3.5 percent down payment. One of the downfalls of.

 · But overall, China’s federal level debt remains low, bank’s remain strong despite higher non-performing loans on the balance sheet, and yet we still get a total debt to GDP ratio of a whopping 282%. First, a little comparison. The U.S. total debt to GDP, which includes household and corporate debt, is 331.7%.

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Canadian households increased their debt load for the third consecutive quarter, keeping the debt-to-income ratio at an all-time high of 165.0 percent, although it rose much less than the previous.

Household debt to disposable income sits somewhere just south of 200 per cent. That might give Canadians, whose debt-to-income ratio sits at a mere 179 per cent, some solace. But it shouldn’t.

Many Canadians use debt to purchase their homes, start a business or to receive a post-secondary education. The total household debt statistic takes an accumulative approach to see what households owe in relation to disposable income. Trouble can be brewing on a national level when debt greatly outweighs income.

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A recent statistics canada study found young families (defined by StatsCan as those whose household heads are younger than 35) carry the heaviest debt load among Canadians. Compared to the national median debt of $13.52 for every $100 in assets, Canada’s young families owe $39.40 for every $100 they own in assets, a 17-per-cent increase from 1999.

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