This is mostly stuff you’ve heard before.
Canadian personal debt loads continue to grow, now higher that many US bubble markets at their peak.
But here’s a number you may find surprising.
Here in BC if you strip out mortgage debt, the average consumer debt load is $38,672!
Thats nearly 40 grand in NON-MORTGAGE debt.
That means the amount we carry on credit cards, bank loans, lines of credits and car loans is 42.5 per cent higher than our fellow Canadians.
And that’s probably because, after paying for housing, we’re unable to find cash for other things that normally are part of a middle-class lifestyle.
On Tuesday, Royal Bank Economics reported on national housing affordability, pointing to a deterioration in affordability since the first quarter.
In major markets such as Vancouver, Toronto and Montreal, the report says it is now “somewhat of a stretch for typical households to own a single-family home.”
But, in Vancouver, trying to buy a single-family home is more like being put on the rack.
Read the full article over at the Vancouver Sun.