Full time employment in Canada plunged in the last month as the global commodity crash continues to plumb new lows (chart left).
Countries that depend on exporting finished goods are aggressively devaluing their currencies. So far in 2015 Canada has dropped its bank rate twice (January and July) and the markets have obeyed by shorting the CAD and Canadian equities.
Mortgagor Surveys in 2015
compiled by Canadian Mortgage Trends
- 60% of mortgagors do not make extra payments to reduce principal faster.
- 40% of mortgagors would struggle to make payment if unemployed for 3 months.
- 49% of buyers had less than a 20% down payment.
- 27% of buyers paid more than their purchase budget.
- 31% of buyers did not have full time employment.
- 42% of first-time buyers relied on family for down payment help when buying real estate.