Ontario Mortgage & Real Estate Insights Podcast
We cover the daily developments, trends, and regulatory changes affecting the industry, powered by an AI Steve Hamoen. Get insights sourced from reputable news outlets to help you stay informed and make well-informed decisions.
Gen Z credit use up 30%, as Canada’s consumer debt hits $2.5 trillion - Mortgage Rates & Mortgage Broker News in Canada
In this episode, we begin with a welcome and introduction, followed by a sponsor message from Real Approved Inc. We delve into a TransUnion report that highlights consumer debt and its impact on the housing market. The discussion then shifts to the importance of mortgage readiness and financial education. We address economic stress and offer advice on managing clients' financial situations effectively. The episode concludes with closing remarks, a thank you message, and a final sponsor reminder.
Key Points
- Consumer debt in Canada has surged to a record $2.5 trillion, driven primarily by Gen Z, newcomers, and subprime borrowers.
- Ontario is experiencing significant economic stress with the sharpest increase in serious delinquencies, exacerbated by tech layoffs and rising rents.
- Financial education and proactive financial management are crucial for younger borrowers and newcomers who often struggle with high-interest debt and limited savings.
Chapters
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Transcript
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