“Canadians continue to pile on debt and now collectively owe more than $1.5 trillion, according to the latest figures from Equifax Canada.
The consumer credit rating agency says the level at the end of the third quarter was up 7.4 per cent from $1.409 trillion a year ago.
Nearly two-thirds of the total owed, or $985.1 billion, is mortgage debt. Excluding mortgages, the average debt held by Canadians stands at $20,891.”
– from The Canadian Press, 3 Dec 2014
7.4% p.a. Hmmm. Ever wonder where all that RE price inflation comes from?
All the best for the festive season, and wishing you all a very happy 2015.
Regular readers know this blog is dormant (even though the ideas expressed within are very much alive). We leave up the archives because they are, well, archives, and we leave the comments open for discussion (which is only moderated infrequently). Keep well everybody. -vreaa