Canadians who took on way too much debt will suffer the consequences.
Canadians love debt. Some love it more than others but it’s certainly a trend. Drive down the busy roads and find every luxury car you can imagine. Drive through the neighbourhoods and see constant massive renovations, new homes being built, and what seems to be an endless supply of wealth. Only one problem: It’s all being bought with one form of debt or another. There’s no possible way that this will stop unless it collapses everything. This is going to be a bumpy ride.
Canadians say paying down debt is top priority in 2019: Poll – BNN Bloomberg
December losses cap worst year since 2012 for Canadian home sales – BNN Bloomberg
GM reaffirms Oshawa closure after meetings with Bains, Ford – BNN Bloomberg
One quarter of Canadian HELOC users pay interest only: Survey – BNN Bloomberg
More Canadians ‘use their homes as ATMs’: Consumer agency – BNN Bloomberg