m 5 condos.The heat of the real estate market is rising instead of decreasing. Figures provided by Equifax Canada, one of Canada’s financial and credit credit monitoring companies, show that the COVID-19 pneumonia epidemic failed to affect the growth of Canada’s home mortgage market, with total home loans in Canada rising 2.8% in the second quarter of this year to C $1.990 trillion.Please Visit: m 5 condos to Get Your VVIP Registration Today!
The increase in Canadian debt in the real estate market has led to Canada’s per capita debt reaching C $73,532, an increase of 2.2% over the same period last year.
Had Canadians not reduced their non-mortgage debt, Canada’s per capita debt would have been higher. Figures show that after excluding home mortgages, Canadians owe an average of C $23,035 in car loans, credit card debt and credit lines.
Residents of Alberta have the most non-mortgage debt of C $28,261 of the 10 Canadian provinces, while Manitoba residents have the lowest non-mortgage debt of C $18,243.
During the COVID-19 pneumonia outbreak, about 3m Canadian consumers used grace measures offered by banks and financial institutions to postpone monthly debt payments. Consumers between the ages of 35 and 44 are the main group who choose to use measures to postpone the monthly payment of debt.
The number of Canadians delaying payment of principal and interest on their debts for at least three months increased by 10.6% over the same period last year to 1.24%.
If the Canadian federal government had not provided a variety of emergency relief funds to Canadians during the epidemic, the proportion of Canadian consumers who would have cut off their monthly debt payments would have been higher. During the epidemic, Canadians still borrowed money to decorate their houses.
2019 is a year when Canadians spend a lot of money on home decoration, spending at least C $80 billion on home decoration. However, the housing decoration boom came to an abrupt end in February, March and April 2020 when the COVID-19 virus pneumonia epidemic began to spread and worsen.
But in the following months, Canadians’ enthusiasm for housing decoration has been revived by the fact that Canadians stay at home for epidemic prevention and work at home.
A study by Altus Group, a real estate market consultancy in Toronto, found that Canadians began spending heavily on home renovations since May, and in most cases borrowed money, the most common form of which was home-backed credit loans.
The hottest housing renovation projects are home offices, home gyms, basement decoration and the construction of a backyard swimming pool.
However, experts do not believe that the Canadian home decoration market will reach last year’s record level in 2020, and point out that the number of home decoration projects worth more than C $5, 000 in the wake of the COVID-19 pneumonia epidemic is declining.
