News Summary

• The debt-to-income ratio in the household sector remains near unprecedented territory at nearly 170 per cent.
• The average effective interest rate has been stuck near five per cent since February.
• The number of mortgages in arrears and the level of personal insolvencies have both risen by more than 10 per cent in the past year.
• The first-time buyer ratio for any housing market is still referred to as the bottom of the pyramid.
• This negative cycle for Canadian housing will not end soon.