Inderjet Singh and his family are in an unusual situation. The couple has a Toronto housing, but after five percent of interest rates, the house was rented and moved to Montreal, where they thought things would be cheaper.
A year and a half later, they are struggling under the weight of the monthly mortgage payment, and living in a cheaper city does not make things easier with the family.
“The people are stuck, and we are one of those stuck,” said Singh CBC in a conversation with news.
The number of Canadian debt has risen through the country and, according to a new report, there is a greater gap between those who have fallen interest rates and those who have fallen at higher costs.
Equifax reported that Equifax said that the consumer debt has been across the last quarter of 2024, compared to 4.6 percent compared to the same period.
Growth was partly ascending to bank loans of non-banking lenders. But there are also payments at higher rates in BC and Economically underlined housing in Ontario, the report said, follow a pattern of debt debt.
Ontario Generally lost the rate of missed pay 2024. At the end of the year, the report said: Pandemic is 50% higher than the previous level.
“At one end of the spectrum is a kind of macroeconomic storm. If they are at the other end.
“We’re still a long way before seeing a kind of tie or stabilization,” he added.
Fixed rate mortgage holders are blocked before low rates or pandemia, when they are renewed, the rate are much higher. About a million mortgage can have changes due to upgrading around 2025, according to the report.
“So when you come to upgrade, there will be some increase in payment that will happen. And that puts a stressful stress,” Oakes said.
Clock Thousands fall behind the Canadian mortgage despite the cuts of the rate:
Thousands of Canadian mortgage payments are missing – especially ontario and K. a. The decision is limited to the crisis in the border in the border, despite many trims of interest rate.
Homeowners outside the ontes., K. A
A Toronto mortgage broker said Ontario and K. a. The largest delinquency rates and these payments, large credit limits and discretionary expenses are piling up for certain consumers.
“You know what your way is,” Parrubet said, refer to the mortgage holders that renew the renewal this year and the next time.
“Don’t hide your system even more. If your payment would be without knowing what your mortgage will be upon next year and there will be four or five percent, you know what this payment looks like,” he said.
The Equifax report has warned some housing, especially outside Ontario and BC, they are doing better than a few years ago. Lost mortgage payments among this group “are much smaller” than pre-pandemic, according to Oakes.
“They’re not very fast increasing too much rate,” Oakes said. Homebuyers includes provinces like Alberta and Prairies.
Lost credit, rise self-payments
Meanwhile, payments on credit cards, lines of credit and car loans are lost, young people who are lower income, or those who own homes or living homes.
The non-mortgage of each person reached almost 22,000 dollars, according to Equifax, and according to the Canadian bank, the threats of tariff threats could create another obstacle to Canadians.
“We all know that there are many macroeconomic uncertainties that are coming in 2025. The impact of rates and businesses and investments and, potentially employment,” he said.
“Our concern is … you already have great difficulty. And that will get worse?”
2025-02-27 09:00:00
