Canadian Housing & Rising Debt

House

Table of Contents

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, call us at 1-844-962-9200 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. 

Share This!

I had a great experience with Jerry Janiec and his team at David Sklar and associates. Within a week I was already accepted and filed for bankruptcy and in a few months I will be debt free! It feels like a lot of stress is off my shoulders. Jerry and his team are very friendly, helped me along the way and was there to explain every detail of the process with me. He gave my his card and is just an email/call away if I need any help with paperwork and completing my duties. He is a very patient and kind professional and I am so glad I chose him and this company to help me fix my financial problems. If you need help with a consumer proposal or bankruptcy (like I did) I highly recommend Jerry Janiec and David Sklar and associates!
Lisa Gomez
1709492022
Very professional and caring. Cori, explain everything and listened to my situation. If I didn't understand, she will explain it again. I'm glad that I went to David Sklar and Associates for my financial difficulties.
Richard Hong
1709358914
Great experience with this company . Especially Jennifer N. communication was amazing and really helped out my situation. Highly recommended her and David S .
Jay Mil
1709336666
Everything went well. I will update in 5 years
Trisha C
1709311761
My experience with Cori was phenomenal. Cori took the time to explain the process thoroughly, listened to my concerns and reassured me. Cori has exceptional people skills and cares about the people she is helping. The experience throughout was professional, kind, warming and inviting.
Angie
1709250956
A huge thank you to Jackie S and to the David Sklar and Associates team. Steps made easy , Jackie S has been there during the entire process , whether it was through emails or phone calls . I felt acknowledged and respected . I’d recommend David Sklar and Associate at a heart beat !! Cheers , Dennis
Dennis Armstrong
1709249142
Very happy to talk with grace and she explained my options.Grace is very knowledgeable,friendly,and helpful. She made feel very comfortable,with her help I am on the road to be debt free. She relieved so much stress. I highly recommend them.
Kelley Roberts
1709243575
David Sklar & associates is the place to be if you’re looking for help on your debt consolidation. Kudos on their staff Miss Grace Cuffaro who were very patient guiding me on complying all required documents.
Nhie GU
1709082686
Reduced my stress and gave me a second life. Sincere heartfelt thanks to the team.
Selvaraj Dhanagopal
1709061781
I am very pleased with the experience with your company. Great customer service and very professional. They made me feel like dealing with caring and friendly people. Jackie is a sweet lady. All of them very helpful.
Carolina Marroquin
1708815208
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us