{"id":10961,"date":"2018-12-03T10:10:12","date_gmt":"2018-12-03T18:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10961"},"modified":"2018-11-26T18:25:46","modified_gmt":"2018-11-27T02:25:46","slug":"canadians-housing-market-may-be-unaffordable-but-its-stable","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/12\/canadians-housing-market-may-be-unaffordable-but-its-stable\/","title":{"rendered":"Canadian’s Housing Market May Be Unaffordable but It’s Stable"},"content":{"rendered":"

Industry watchers have long worried about Canadians\u2019 high household debt levels, which are some of the highest in the world. As interest rates continue to rise, should we be bracing for a potential housing market crash?<\/p>\n

Not according to the Chartered Professional Accountants of Canada (CPA), which just released a new report on the housing market\u2019s stability, titled The Real Story Behind Housing and Household Debt in Canada: Is There Really a Risk?<\/p>\n

\u201cBeyond prices and debt levels, Canada shares far fewer similarities with the US than you might think. This becomes very apparent when you look at just one measure; credit quality,\u201d writes Francis Fong, CPA Canada\u2019s Chief Economist.<\/p>\n

In other words, the country is less vulnerable to the type of crash seen in the US in 2008. Credit quality is a measure of an individual\u2019s ability to repay debt. While Canadians\u2019 may have more debt to deal with than they should, they\u2019re still reasonably good at paying it down at regular intervals.<\/p>\n

\u201cIn contrast to the situation a decade ago in the US\u2026the number of borrowers with high credit quality has risen from 66 percent in 2002 to 88 percent in 2017,\u201d reads the report. \u201cIn turn, the number of low-credit-quality buyers shrank from 17 percent to three percent over that period.\u201d<\/p>\n

The report does flag one potential problem \u2014 the rise of non-regulated lenders over the past year, as Canadians looking to secure a mortgage, but unable to pass a stricter mortgage stress test, turn to alternative sources for funds.<\/p>\n

Still, it concludes that the stricter qualifying rules should considerably reduce the chance of a crash anytime soon.<\/p>\n

\u201cThe Canadian system seems likely to be ready for prospective challenges, even if the economy softens here or abroad,\u201d reads the report.<\/p>\n

Canadian’s Housing Market May Be Unaffordable but It’s Stable (for Now)<\/a> by Sarah Niedoba | Livabl<\/p>\n","protected":false},"excerpt":{"rendered":"

Industry watchers have long worried about Canadians\u2019 high household debt levels, which are some of the highest in the world. As interest rates continue to rise, should we be bracing … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10961","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nCanadian's Housing Market May Be Unaffordable but It's Stable • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2018\/12\/canadians-housing-market-may-be-unaffordable-but-its-stable\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Canadian's Housing Market May Be Unaffordable but It's Stable • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Industry watchers have long worried about Canadians\u2019 high household debt levels, which are some of the highest in the world. 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