Mike Turk

Canada?s residential mortgage debt now $2.08trn, says CMHC

5/25/2023 | Posted in Financial Health by Micheal Turk
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The federal housing agency has revealed the latest industry trends ... More

Canadian Debt, Household Debt, Mortgage Consumers

Canadian reverse mortgage debt reaches nearly $4 billion

1/28/2020 | Posted in Financial Health by Micheal Turk
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Despite a decelerating pace of borrowing, Canadian seniors still pushed the nation’s reverse mortgage debt balance towards yet another ... More

Canadian Debt, Household Debt, Mortgage Consumers, Mortgages & Real Estate, NonMortgage Debt, OSFI, Reverse Mortgages

Canadians are cutting back on debt amid fears of recession

1/2/2020 | Posted in Canada Living by Micheal Turk
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Most Canadians held back from increasing their debt burden in 2019 and 1 in 5 say debt repayment is their top financial priority for 2020. ... More

Canadian Debt, Household Debt, NonMortgage Debt, Personal Finance

Canadian households to get short break from rising debt costs

12/31/2019 | Posted in Canadian Economy and Interest Rates by Micheal Turk
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TD economists says the cost of servicing debts should ease early in 2020 ... More

Bank of Canada Benchmark Rate, Canada Living, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Mortgage Trends, Mortgages & Real Estate, NonMortgage Debt, Variable Rate Mortgages

Canadian Household Borrowing Jumps By 31%, StatCan Says

12/16/2019 | Posted in Financial Health by Micheal Turk
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Canadians' borrowing habits are back to where they were before policymakers cooled off the housing market. Lower interest rates are convincing some to borrow more. ... More

Canadian Debt, Canadian Households, Household Debt, Interest Rates, NonMortgage Debt

Canadians' wealth reduced as real estate gains are erased

9/19/2019 | Posted in Canadian Economy and Housing Market by Micheal Turk
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The average Canadian household was worth less in 2018 than in the previous year. ... More

Canadian Debt, Canadian Households, Household Debt, Personal Finance, Property Value, Real Estate Values

Stats Can releases Q2 household debt data

9/14/2019 | Posted in Financial Health by Micheal Turk
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Household income grew slightly faster than debt in the second quarter as the amount Canadians owe relative to their income edged down for the third quarter in a row. ... More

Canadian Debt, Household Debt, NonMortgage Debt

Bank of Canada reveals latest interest rate decision

9/4/2019 | Posted in Interest Rates by Micheal Turk
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The Bank of Canada resisted pressure from investors by declining to signal it will soon follow global peers in easing monetary policy. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Economic Growth, Interest Rates, Mortgage Consumers, Variable Rate Mortgages

A Bank of Canada rate cut as early as September

8/20/2019 | Posted in Interest Rates by Micheal Turk
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A slowing economy and growing trade tensions suggest a cut will happen more quickly than currently accounted for, Macquarie economist says. ... More

Bank of Canada, Bank of Canada Benchmark Rate, Canadian Debt, Household Debt, Mortgage Consumers, Mortgage Rates Canada, Variable Rate Mortgages

Average Canadian household spent more on taxes than living costs in 2018, report finds

8/2/2019 | Posted in Financial Health by Micheal Turk
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The average Canadian household paid nearly $40,000 in taxes last year, more than the combined cost of clothing, food and shelter, according to a new report. ... More

Canada, Canadian Debt, Taxes

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Micheal Turk, Broker