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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com





2 July 2019

Financial difficulties the Canadians are facing

The recent report by Statistics Canada says many Canadian households were late with their debt payment or missed it in 2016.

According to the agency’s Survey of Financial Security, 11% with some kind of debt reported missing or being late with their non-mortgage payment.

Statistics Canada points to certain categories of people who skip a debt payment more often than others:

  • Borrowers aged 55 to 64 years old (8.1% missed payments vs. 3.9% of 24-to-44-year-olds and 4.2% of 45-to-54-year-olds.)
  • Borrowers with a low income (6.8% vs. 2.1% with a high income)
  • Residents of the Prairies (6.8% vs. 3.2% in Ontario and 3.4% in Quebec)
  • Families with one parent (9.4% vs. 2.4% in families with no children and 4% in the category of couples with children)

Debt-to-asset ratio as an indicator of financial troubles

According to the report, a high debt-to-asset ratio is a better sign of a household’s financial trouble than a traditional debt-to-income ratio (which rose to almost a record high level in the first quarter of 2019).

“Families with a higher debt-to-asset ratio face various financial problems more often, including missed or delayed payments, using payday loans,” – the report says.

A good example from the report’s findings:

  • Almost 16% of families with a debt-to-asset ratio exceeding 50% missed or delayed a non-mortgage payment, while it was only 7% in the segment of those who have a debt-to-asset ratio below 25%.
  • About 1.7% of families in the lowest debt-to-asset sector missed or delayed a mortgage payment, compared to 7% in case of those with a debt-to-asset ratio higher than 50%.

The report says 4% of mortgage holders missed or delayed a mortgage payment in the year preceding the poll.

However, RateSpy Rob McLister noted: “The actual mortgage arrears are only 0.25%. In other words, just 2.5 out of 1,000 are 90+ days past due on their mortgage, so some of the borrowers who skipped a mortgage payment probably used their bank’s skip-a-payment feature.”

If you own a real estate property and accumulated substantial amount of high-interest credit cards debt, please talk to your mortgage broker. Mortgage rates are extremely low today and it might be a good idea to refinance your existing mortgage and get rid of bad debt. In some cases, it will free up hundreds or even thousands of dollars monthly for every day expenses or to pay your mortgage faster. MortgageLegko.com team is hosting free Summer BBQ on July 14th and will be doing presentation about ways to free up equity for older homeowners and some new exiting programs for first-time buyers. Please register here to get your free ticket!

 

 

 

 

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