The Canadian are in a spending spree and borrowing more than the income growth for household, more so for British Colombian, though, the busy season is just starting. Despite the warning and also early steps taken by Bank of Canada and Finance Minister, the overall non-mortgage debt has reached a level of 163%. The good news is that when we look at the delinquency rates, Canadians are still managing the debt load and the Canadian economy is different from the U.S.
The real estate market is expected to be stable in the year 2013. Re/max report says “Despite the short-term pain, the Greater Vancouver housing market is ideally positioned for the future. A combination of factors — including historically low interest rates and resolution of the harmonized sales tax issue — are expected to play a positive role moving forward.”