Jason Kays, AMP
With over 17 years experience in the Financial Services Industry, and having achieved the Accredited Mortgage Broker (AMP) designation, I have the experience and product knowledge to find you the mortgage with the lowest rate, and with the best terms for your personal financial situation.
As an independant Mortgage Consultant working with Mortgage Brokers City, I have access to over 40 lenders to find the best deal for you. I get paid by the lender we place the mortgage with, and you, the client do not pay me anything.
Canadians piling up ‘good debt,’ report says
Date Posted: August 27, 2015
In a new report on Canadian debt, 80% of those surveyed said “smart debt” such as mortgages, home repairs/renovations and education expenses topped the list of debt sources. The average amount of debt saw an increase of $16,860 compared to last year according to the Bank of Montreal.
With the hot housing markets being up 6 per cent from the first half of this year, mortgages are said to be a "significant contributor" for 49 per cent of those surveyed. Home renovations or repairs also contributed to one-third of Canadians debt, part of this due to an aging population spending more to fix their homes.
With inexpensive credit and extended loan terms there is also a concern for those accumulating “luxury debts” such as vacations, entertainment, and home electronics. This year we have also hit a record high for car purchases which contributed to 46 per cent of Canadian’s debt levels.
It is always a good idea to work with a professional to see how new debt impacts your overall financial plan.