Archive for January, 2012

Vancouver Now Second Most Expensive Housing Market Worldwide

Monday, January 23rd, 2012

In a survey of 325 cities throughout the world, Vancouver won second place for the world’s most expensive housing market.

The survey utilizes an affordability scale that factors in a city’s median home price along with the median pretax household income.

Hong Kong is at the top of the scale at12.6.  Vancouver falls at number 2 on the list at 10.6.

Want more affordable housing?  In the US the winning cities are:

Detroit  1.4
Atlanta  1.9
Phoenix  2.2

In Canada?   Edmonton ranked at at respectable and affordable 3.5.

Read more on  Global News:
Global BC | Vancouver displaces Sydney as second most-expensive housing market on well-known survey
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Glimmer of Hope for Debt Beleaguered Canadians

Wednesday, January 11th, 2012

Over the past two years almost every time Finance Minister, Jim Flaherty and Bank of Canada President,  Mark Carney have issued a press release or spoken on camera they have been warning Canadians about their growing levels of  consumer debt.

There is finally some good news. Apparently some Canadians have started listening.

According to Equifax the average credit card debt fell in 2011 by 3.4 per cent.

It’s important to note that this drop is in credit card debt. Other types of consumer debt are still at record high levels.

Nadim Abdo, vice-president of consulting and analytical services for Equifax Canada cautions …

 ”Although this appears to be a good news story for Canada, there remains some concerns about the high level of debt Canadians carry on average. The main concern is how the Canadian economy may react to stressed global markets while our GDP is projected to grow at a very marginal rate in 2012. Canadians are at record-high levels of indebtedness with little room to maneuver. If there is to be another financial crisis, we can expect losses from serious delinquencies and bankruptcies.”

Equifax.ca  provides consumer and commercial information solutions including credit reports.
Read the Equifax news release here:
Vast Improvement in Consumer Debt According to Equifax Canada-but Sustainability is a Concern

Find out more more about the report and what other experts are saying:

CTV News:  Canadians handling credit card debt better: Equifax

Globe and Mail:   Debt still rising, but Canadians better at paying credit cards: Equifax