Scotiabank hits “inflection point” with successful multi-product mortgage strategy + MORE Sep 1st
Fixed mortgage rates in Canada resume their decline amid economic volatility Feb 5th
Weekly mortgage digest: Which big banks just dropped fixed rates? + MORE Jul 11th
TMG The Mortgage Group announces strategic partnership with Mortgage Outlet Sep 10th
TD Bank sees mortgage volumes rise 7% in Q2, gains market share May 27th
The best 5-year fixed mortgage rates in Canada
– moneysense.ca
Mortgages
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How much credit card debt does the average Canadian have?
– moneysense.ca
As the country re-opens after COVID-related restrictions, Canadians are faced with a worrying financial picture. Many have moved, others are looking to travel, and the cost of living is ballooning with unusual rates of inflation. Meanwhile, the Bank of Canada (BoC) rate hikes designed to curb these forces are adding pressure to those with variable-rate loans and mortgages. Unsurprisingly, many Canadians are using their credit cards to charge their expenses.
How much debt does the average Canadian carry?
The average credit card balance for Canadians in the second quarter of 2023 was $4,185, up from $3,909 in the second quarter, according to Transunion. And that is up from average monthly credit card spend of almost $2,447 in the third quarter of 2022, which is above the 17.3% from same time in 2021 and up 21.8% in 2019, according to Equifax. And from another report, Canadian consumer debt has risen to $2.4 trillion, with an average debt load of approximately $21,131—excluding mortgages…
