50% increase in households behind in mortgage payments

Credit card delinquency and bankruptcy levels were also higher than in pre-recessionary times.

“Even though standard economic indicators tell us the recession is technically over, the confidence Canadian families have in their economic and financial situation is shaky,” said Katherine Scott, the Institute’s director of programs.

“As government at all levels craft their budgets for the coming year and look at cutting programs to reduce their deficits, they need to be mindful that the state of Canadian family finances continues to be fragile in many households.”

Vanier’s 12th annual report also notes debt-to-income ratio is at a record 150%, meaning Canadian families owe $1,500 for every $1,000 earned in after-tax income.

In 1990, average family debt was $56,800 with a debt-to-income ratio of 93%. This equates to an increase of 78% over the past 20 years.

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

COMMENTS

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address

Industry news

Submit a press release

Poll

Should government update pot rules to prohibit growing in rentals?