Tony Pepe pointed out this article from the Toronto Star. The CEO of Ing Direct Canada is warning that Canadians are buying more house than they can afford and paying them off slower and slower, something that he’s seen before:
Aceto’s former job at ING was chief risk officer. He spent two years in California during the height of the real estate bubble, and felt that Canadians would not be as spendthrift as their American counterparts. But when he arrived back in Canada he was surprised to see that some consumers were acting in a similar way.
“Canadians have been proud internally that we’re very different than the Americans in the way we behave in terms of our spending habits and the way we deal with credit. But over time we have become a lot closer than we think,” said Aceto.