Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Residential mortgage debt grew last year by the fastest pace since 2008 says a new report from Canada Mortgage and Housing Corp.
The federal housing agency says that mortgage debt grew by nine per cent for the year, and topped 10 per cent in the early months of this year before rising interest rates started to slow the market.
"The levels of investments of households are quite high. So it is a source of vulnerability," said Tania Bourassa-Ochoa, a senior economist at CMHC and co-author of the report on mortgage trends.
Banks saw a 43 per cent increase in new mortgage originations and an increase of 22 per cent for refinances compared with 2020, leading to an additional $400 billion in residential mortgages on their balance sheets, while credit unions added $54 billion.
Activity in the housing market has however slowed considerably in recent months as central banks raise interest rates to slow inflation. On Wednesday the Toronto Regional Real Estate Board said sales were down 41 per cent in June compared with last year, while on Tuesday Real Estate Board of Greater Vancouver said regional home sales were down 35 per cent in the month.
CMHC says that variable rate mortgages were increasingly favoured last year as the discount on interest rates increased, with the mortgage type growing to 53 per cent in the second half of the year, from 34 per cent of total mortgages in the first half.
The increase of variable rate mortgages means more people are exposed to rising interest rates, though the majority of such mortgages have fixed payments so increases would most be felt at renewal.
"Canadians that took on a new mortgage with variable interest rates will be the ones that will be feeling that increase the most, and most rapidly," said Bourassa-Ochoa.
Data from last year showed that there was little indication of any problems with people making mortgage payments, as high savings rates and the buoyant housing marker helped push down mortgages in arrears, which fell across all lender types.
In looking at inequality in the housing market, the report noted that Indigenous, Black, Arab and Latin American populations had significantly lower homeownership rates than the national average as of the 2016 census, the latest data available as the authors wrote the report.
Homeownership rates were a little under 50 per cent for the groups, while the overall rate for Canada was 74 per cent and slightly higher for white and Chinese populations.
The report noted that after controlling for demographics, metropolitan area and income, Indigenous, Black, Latin American, Arab and Filipino Canadians have lower average property values than other Canadians, a gap that has increased since the 2006 census. It said that since housing wealth is a strong indicator of economic success of future generations, any large deviations between population groups are an indication that inequalities will persist.
This report by The Canadian Press was first published July 6, 2022.
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.
Alberta Ballet's double-bill production of 'Der Wolf' and 'The Rite of Spring' marks not only its final show of the season, but the last production for twin sisters Alexandra and Jennifer Gibson.
A British Columbia mayor has been censured by city council – stripping him of his travel and lobbying budgets and removing him from city committees – for allegedly distributing a book that questions the history of Indigenous residential schools in Canada.
Three men in Quebec from the same family have fathered more than 600 children.
A group of SaskPower workers recently received special recognition at the legislature – for their efforts in repairing one of Saskatchewan's largest power plants after it was knocked offline for months following a serious flood last summer.
A police officer on Montreal's South Shore anonymously donated a kidney that wound up drastically changing the life of a schoolteacher living on dialysis.
Since 1932, Montreal's Henri Henri has been filled to the brim with every possible kind of hat, from newsboy caps to feathered fedoras.
Police in Oak Bay, B.C., had to close a stretch of road Sunday to help an elephant seal named Emerson get safely back into the water.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.