Household debt is growing faster in Greece than in Canada

Most everyone knows that Canadians hold a lot of household debt now.  Debt levels have been growing for years, but it still seems surprising that Canada is second only to Greece in household debt growth.  This according to a report from the McKinsey Global Institute who adds our country to a list of seven others at risk from high debt levels.

The report found household debt in Canada had risen to 155 per cent of income in 2014, up from 133 per cent seven years earlier. That’s a slightly lower estimate than the Bank of Canada’s, which estimates household debt at 162.6 per cent of income, a record high.

Only Greece saw a larger increase in household debt since the Great Recession, rising 30 percentage points. The U.S., by comparison, has seen household debt levels decline by 26 percentage points, relative to income, in that time. U.S. household debt levels have been largely falling since the country’s housing bubble burst during the last recession.

Read the full article here.

You’ll be relieved to know that even though our debt growth has been 2nd fastest, we still don’t have the highest debt levels. That prize goes to Denmark and Norway.

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Randy Randerson
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Randy Randerson

Oh we’re so special now. Only 2nd in the world, might as well try to be Number One since it’s different here.

tedeastside
Member
tedeastside

does anybody remember a few years back, a delusional Van RE booster on a local media outlet that said…Canada Place is a world famous landmark like the Sydney Opera House and the Lions Gate bridge is as recognizable as the Golden Gate bridge

talk about pretentious!!!!!

dont worry Vancouver you’re still nicer than Saskatoon (except for jobs though)

midnite toker
Member
midnite toker

Something rotten in Denmark?

valleyrenter
Member
valleyrenter

Two different countries, both with the fastest rising household debt levels. Wouldn’t surprise me though if the Greeks are taking on more debt to keep food on the table. Here at home, it seems we Canadians are taking on more debt to buy more R/E, so we can then go on the internet and argue with strangers about how foolish they are for not getting some, lol.

Randy Randerson
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Randy Randerson

^Couldn’t agree more. Greece’s economy is going down the crapper, unemployment rate currently sits at +25%. Greek need to put food on their table.

Canadians need to pile on more debt to afford a shoebox in the sky or a particle-board McMansion. Which makes more sense?

Tiger
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Tiger

Wealthy immigrant home buyers would protect Vancouver from asset bubble

http://www.biv.com/article/2015/2/wealthy-immigrant-homebuyers-would-protect-vancouv/

Zero Down Forty
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Zero Down Forty

@#6 Ah yes. More of the “it’s different here” propaganda.

@post #7
Guest
@post #7

Not propaganda. Go look outside.

southseacompany
Member
southseacompany

“Price gap between condos, houses swells to record level” Glibe & Mail.

http://www.theglobeandmail.com/report-on-business/economy/housing/price-gap-between-condos-homes-in-major-cities-reaches-record-high/article22853067/

“Increasingly, the price gap between houses and condos reflects the fact that the two appeal to entirely different buyers, with investor-owned condos mainly serving the rental market as young families bid up the prices of detached homes. ”

“The glut of new rental housing has convinced many potential condo buyers to rent instead, driving down the demand for condos.”

““There isn’t that same sense of urgency as there once was to get into marketplace because the costs are actually comparatively lower to rent than to buy,” said Mr. Hildebrand.”

“Meanwhile, the trend toward basement rental suites has made it easier for homebuyers to afford the massive mortgages on their houses, while also competing directly with condos on the rental market.”

history
Guest
history

http://www.philipatticus.com/2015/01/syriza-crosses-line.html?spref=tw&m=1

Im not sure if comparisons between Canada and Greece personnel debt levels are warranted, unless someone is pulling The Dialectic. Making the point between Good debt and Bad debt?

The link is from a guy writing from the Financial quarter in Athens… note the € 20 billion bank run.

VanRant
Member
VanRant

“‘Don’t lie about your assets’, China’s anti-corruption agency warns officials. Spot checks will catch cadres fibbing about their wealth and business dealings, say anti-graft investigators”

http://www.scmp.com/news/china/article/1709166/chinese-anti-corruption-agency-warns-government-officials-dont-lie-about

Randy Randerson
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Randy Randerson

My prediction over the next 5 years is that we’ll hear a lot more of these sob stories in Canada. Poor old people can’t afford their mortgages and now live in destitute at the airport.

http://www.dailymail.co.uk/news/article-2943251/Homeless-Heathrow-look-holiday-truth-middle-class-couple-living-airport-losing-500-000-home.html

Some of the comments were crude and raw, but honest as hell.

88
Guest
88

@12

People were making the same predictions for 10 years.

Don't split the vote
Guest
Don't split the vote

Don’t split the vote. Boycott the NDP. Seems like their leadership and bureaucracy have been infiltrated by right wingers. Read ‘The Tyee”

Either vote Liberals or Consevatives.

A vote for the NDP is a vote for the conservatives.

Spread the word if you want a different Canada going forward.

88
Guest
88
Don't split the vote
Guest
Don't split the vote

WTF? My post above gets down voted ? So you guys want the Cons in and their policies that made housing unaffordable to continue. Unbelievable.

Jean Cretien
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Jean Cretien

Merde! I call up CHMC and say to dem to commence le booble back in two tousand and year tree!

Dyugle
Guest
Dyugle

I want Harper to wear the bursting of the housing bubble and the return to deficit financing!!

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

NDP is the official opposition. if you didn’t want to split the vote you would vote for them.

go back to ontario #14.

kabloona
Member
kabloona
“Bank of Canada’s Poloz says he’s not talking down Canadian dollar; nose grows by three inches…” 😉 https://ca.finance.yahoo.com/news/bank-canada-sees-oil-price-123635740.html By Randall Palmer, Reuters – 3 hours ago ISTANBUL (Reuters) – Bank of Canada Governor Stephen Poloz insisted on Tuesday that he has not been talking down the Canadian dollar, saying it has fallen because of economic developments, particularly the collapse in the price of oil. Speaking in an interview with Reuters and another news outlet, Poloz said the oil price shock has been front and center at meetings of the Group of 20 leading economies, but nothing he has heard at the talks so far has changed his economic outlook. “I honestly reject the notion that I’m talking down the dollar,” Poloz said during a break in the meeting. “If over the last 18 months the economy has underperformed the expectations,… Read more »
patriotz
Member

@19: “NDP is the official opposition. if you didn’t want to split the vote you would vote for them.”

It would appear that somebody doesn’t understand the first past the post system and local voting preferences.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Liberals abruptly postpone Vancouver East nomination battle after party membership controversy

Scores of Mandarin or Cantonese-speaking East Vancouver residents say they don’t know how their names were added to the Liberal Party of Canada’s membership list, according to a party member.

http://news.nationalpost.com/2015/02/10/liberals-abruptly-postpone-vancouver-east-nomination-battle-after-party-membership-controversy/

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

stay in ontario #21

patriotz
Member
Dave
Member
Trusted Member
The NDP and their supporters are always good for a laugh. The NDP and Liberal party actually have very little in common. Yes, they are both socially Liberal, but that’s where it ends. And there is nothing Federally that is really a social Liberal issue. The big issues are being decided by the Judiciary. If the NDP wants to become relevant they needs to do two things: 1. Turf the extremists. The NDP is run by single issue activists. These aren’t people who are looking out for the Middle Class. They are looking out for themselves and their pet issues. 2. Modernize the Vision. When you hear the NDP and their supporters speak, it’s a time warp to the 1960’s looking at things through the lens of class warfare. This doesn’t speak or relate to the average Canadian. And this… Read more »
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