While it may sound hard to believe, it appears the Canadian credit binge is slowly winding down. Canada’s household debt which currently sits at the highest among the 35 developed and developing countries the OECD group monitors, has reached an unfathomable 101% of GDP. It’s safe to assume any type of fall from the current sky-high levels won’t feel good. However, with the Bank of Canada raising interest rates, effectively tripling rates in less than a year, and regulators curtailing mortgage lending, we appear well on our way to a nasty stumble. Per the Bank of Canada, year-over year growth and the 3 month annualized pace of mortgage credit growth is at its weakest pace of growth since early 2001.

Steve Saretsky: Your Trusted Vancouver Real Estate Agent for Expert Market Guidance
Key Political Developments Prime Minister Trudeau’s ResignationTrudeau, described as economically illiterate, is resigning. Trump’s Inauguration A knowledgeable Vancouver real estate