Canada’s housing market may be unaffordable, but it’s stable (for now)
Industry watchers have long worried about Canadians’ high household debt levels, which are some of the highest in the world. As interest rates continue to rise, should we be bracing for a potential housing market crash?
Not according to the Chartered Professional Accountants of Canada (CPA), which just released a new report on the housing market’s stability, titled The Real Story Behind Housing and Household Debt in Canada: Is There Really a Risk?
“Beyond prices and debt levels, Canada shares far fewer similarities with the US than you might think. This becomes very apparent when you look at just one measure; credit quality,” writes Francis Fong, CPA Canada’s Chief Economist.