OK, class – time for charts and graphs! Every month we publish the statistics that the Canadian Association of Accredited Mortgage Professionals (CAAMP) sends us as a service to our readers. It may sound all very boring and threaten to take you back to the mind numbing days of Math 20, but it’s worth a glance and here’s why – there are colored bars. I’m always a sucker for colored bars and numbers in grids! You?? No? Well, that’s disappointing but you may prefer all the useful information like:
Bank of Canada Interest Rate
Government of Canada Bonds
Bank Prime Lending Rate
Total New Housing Starts
Average MLS® Resale Price for Local Markets
Conventional Mortgage – 5 Year Rate
US Federal Reserve Board Discount Rate
Household Financial Vulnerability
Snapshot of Canadian Household Debt Indicators by Region
Click here to view the stats.
The last sections, Household Financial Vulnerability and Canadian Household Debt Indicator are newer additions to the stats and worth noting. Alberta appears to be at the higher end of of the spectrum, posting a Debt to Income Ratio (a measure that compares the amount of money that you earn to the amount of money that you owe to your creditors) of 143%, second only to B.C., coming in at 160%.
If you live in Edmonton or Calgary and find yourself beginning to struggle with debt, contact one of our experienced, licensed mortgage brokers. Debt consolidation through a mortgage refinance may be a good solution for you but it’s best to do this BEFORE your credit is damaged. Consolidating your debt may not lower your total Debt to Income Ratio immediately but it can help you reduce it faster by lowering your monthly payments and giving you one, manageable payment each month.