According to the 2016 Canada Census, about 68% of Canadian households own their home.
That percentage drops to about 64% in Greater Vancouver, and to 47% in the City of Vancouver.
Not surprisingly, for Millennials – the cohort currently in their early- to mid-30’s – numbers are significantly lower in most countries.
With today’s prices it may be difficult for Millennials to catch up – with a possible long-term economic effect.
Canadian Consumer Debt
Mortgage debt accounts for 66.5% of total consumer debt, but when looking at consumers’ regular monthly payments, the mortgage share is only 47.0% because mortgage interest rates are lower than most other debt, and the debt is paid off over many years.
There is a strong history of mortgage debt repayment in Canada, and mortgages are secured by collateral, so they are generally considered much less risky to the economy than credit card debt.
Credit card debt accounts for only 5.3% of total outstanding consumer debt in Canada. However, as a share of scheduled (minimum) monthly payments, credit card payments account for 14.6% of monthly outlays – and much higher if balances were to be cleared every month.
Many more consumers hold a credit card (88.5%) than have a mortgage (28.9%).
Is There a Role for Social Media in Real Estate Deals?
Both buyers and sellers should be aware of the practical uses of social media. It is common these days for buyers to search information on various sellers to learn more about them and their motivations. Similarly, as soon as an offer is received and buyers make themselves known, sellers will do the same.
It is important for both parties to limit their posts regarding their intentions; knowledge is power and you don’t want to inadvertently give any away. Neither party should ever post anything about negotiations, nor about inspection results.
It is common for buyers to take photos of homes they see to help them remember what they saw when on tour, but it is never acceptable to post these pictures or videos – that is a violation of the seller’s privacy.
Sellers should post a link to their REALTOR’s listing, but refrain from posting any other pictures or information.
Talk to me if you need clarification on any of these issues.