In Toronto, even low-rise homes are losing their affordability.
The gap between income and household debt was slightly lower in the first quarter of this year.
The Bank of Canada published its latest semi-annual review of the country’s financial system Thursday which concluded that risk is slightly higher than it was in December although the system is generally stable.
There has been an uptick in the number of Canadians becoming insolvent according to a report from CIBC.
A marketing campaign from TD Bank last year has re-emerged as a trending video on YouTube.
The Bank of Canada will release its twice-yearly review of the country’s financial system Thursday.
The recent decision of the Bank of Canada to hold steady on interest rates and governor Stephen Poloz’s prediction for second-quarter growth have been questioned by the president of mortgage broker Canadalend.com.
The Toronto-Dominion Bank has announced that it will make a “significant” donation to Frontier College in Vancouver next week.
The total level of debt held by Canadian households has increased to $1.54 trillion.
As house prices have escalated the prudent approach to mortgage downpayments has rapidly been replaced by additional borrowing.
HSBC has announced 25,000 jobs cuts across its international operations amid restructuring that will see more focus in the East.