Slide 1

Free Professional Advice

Why choose Micah? Because I provide valuable professional advice and it’s FREE!

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

Slide 2

Best Rates

Let me shop the major banks and top lenders for you.

Let me negotiate the best rate. Remember I work for you, not the banks.

Slide 3

Get Approved

My approval rating is high.

With my portfolio of lenders, I can find you a program that works for you.

Slide 3

Savings

Lower rates equals thousands in savings.

Why pay more than needed? Get my rate specials. Let me negotiate the best rate for you and save money.

Slide 3

Availability

When the banks are closed, I am not.

I work for you and I am at your service 7 days a week.

Blog by Micah Verceles

<< back to article list

Canada Household Debt Ratio Falls for Second Time From Record


The ratio of Canadian household debt to disposable income fell for a second quarter after reaching a record last year, suggesting consumers are heeding warnings about the risks of too much borrowing.
Credit-market debt such as mortgages fell to 161.8 percent of disposable income, compared with a revised 162.6 percent in the prior three-month period, Statistics Canada said today in Ottawa. Mortgage borrowing grew at the slowest pace since the 2009 recession, the agency said.
 
Canadian policy makers have been trying to stem borrowing fueled by historically low interest rates out of concern the debt could destabilize the economy. Finance Minister Jim Flaherty and the nation’s banking regulator tightened mortgage rules last year, while the Bank of Canada is the only Group of Seven central bank warning it may raise interest rates, in part to dissuade households from taking on too much debt.
In his April monetary policy report, then-Governor Mark Carney said household credit has been moderating, in part because of the central bank’s interest-rate bias, and predicted the debt-to-income ratio would stabilize this year. The ratio hit a record 162.8 percent in the third quarter of last year.
The growth in credit market debt slowed to 0.3 percent in the first quarter from 1 percent at the end of last year, Statistics Canada said today.
 
National net worth rose 2.1 percent to C$7.10 trillion ($6.86 trillion) in the first quarter, Statistics Canada said, reflecting higher real estate prices. On a per capita basis, the increase was to C$202,000 from C$198,400.
 
The agency said today it had revised the whole data series dating back to 1990, lowering the debt ratio, after revisions to national accounts data earlier this year.

--- Theophilos Argitis