Canadian Housing & Rising Debt

House

Increasing House Prices Continue

From coast to coast in Canada, over the past decade, housing prices have continued to rise. Data from Canadian Real Estate Association (MLS®), shows that the average residential price in Toronto in 2002 was $275,877 and in 2013 the average price was $454,089 with about a 90% difference in price from those years. Surprisingly, the Average Rent for Two-Bedroom Apartments in Toronto in 2002 was $1,047 and in 2013 was $1,213 for a 15.9% difference from those years.

Canadians are taking on more mortgage debt, and Canada’s federal housing agency stated to the finance ministry in 2014 that it has concerns regarding the increasing household debt and very high pricings in some of the urban markets.

Even with Canada tightening Government backed mortgage rules 4 times from the years 2008 and 2012, Canada’s debt to income ratio is at a record high for the 3rd quarter in 2014.

Not including mortgages, average Canadian debt is $20,891 according to a recent Equifax study, and Canadians household debt is 163% of their disposable income.

Also, in 2015 it is expected that interest rates on consumer loans, credit, and VR mortgages may rise. So if you are carrying high debt, working to pay off these debts sooner is a must. If you happen to get hit with a higher interest rate on any of your loans, it will take you longer to pay these off.

Pay Down Your Debts!

So, what can you do to help lessen your debt and help pay it down faster? First you want to stop your credit cards. You will need to determine how much you actually owe. Find out the exact total, so you can see what you are dealing with. Next, you need to arrange a strategy to start paying off your debts.

When paying off debts. A good place to start is paying off the credit cards that have the highest interest rates. These will be costing you more per month, and the sooner you can pay these off, then that frees up money that you can then use to pay off your other debts.

This is a great time to really think about your wants and needs. The want category tends to be the area that gets most people into trouble.

Next do you have items around your house that you are not using? This may be a good time to start selling them in the classifieds, and then use this extra money to pay down debts.

Another area you will want to look into is cutting your expenses, you can read more on expense cutting ideas. For more information on a wide range of topics, see our debt management section for more helpful ideas and tips to help your financial situation.

If you are in a situation where you need professional help or advice, call the offices of David Sklar & Associates to schedule a free consultation.

 

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
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20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
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01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
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17:02 11 Nov 21
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Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
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18:45 25 Oct 21
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07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
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15:17 09 Sep 21
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