Canadian Debt Levels Easing, as Condo Sales Look for Upswing
As 2012 went through, Canadians levels of debt has eased, this is a good sign, as higher debt levels were and could be a threat to the real estate market here. Canadians on average carry about $13,000 in personal debts. Ontario residents carry the highest levels of debt over $15,000.
Almost half of Canadians say that their debt levels are manageable. If levels of debt continue to decline among Canadians, then there is a good chance some additional pent up demand for real estate will occur. This will further sustain the boom, in Toronto over the long term. The slow cooldown of the Toronto Real Estate market has been planned by the federal government, which increased regulations on mortgages, and construction financing, for personal consumers and for developers. So far the measures have worked, and sales have slowed.