Darren Keck, AMP
About Darren: Mortgage Brokers Ottawa is a leader in offering competitive mortgage products coupled with exceptional service. This unbeatable combination of service and advice, together with my years of experience in the banking and financial services industry, ensures that you enjoy a comfortable mortgage experience handled by a seasoned Accredited Mortgage Professional.
As a Mortgage Agent, I work exclusively with mortgage customers....from the first time buyer to the seasoned homeowner. I have access to over 40 different ba ...
Canadians piling up ‘good debt,’ report says
Date Posted: August 27, 2015
In a new report on Canadian debt, 80% of those surveyed said “smart debt” such as mortgages, home repairs/renovations and education expenses topped the list of debt sources. The average amount of debt saw an increase of $16,860 compared to last year according to the Bank of Montreal.
With the hot housing markets being up 6 per cent from the first half of this year, mortgages are said to be a "significant contributor" for 49 per cent of those surveyed. Home renovations or repairs also contributed to one-third of Canadians debt, part of this due to an aging population spending more to fix their homes.
With inexpensive credit and extended loan terms there is also a concern for those accumulating “luxury debts” such as vacations, entertainment, and home electronics. This year we have also hit a record high for car purchases which contributed to 46 per cent of Canadian’s debt levels.
It is always a good idea to work with a professional to see how new debt impacts your overall financial plan.