Record household debt in Canada has stoked concern that the mountain of debt will squeeze economic growth and trigger the next financial crisis. But a new paper from the C.D. Howe Institute suggests such the red flags will be accurate only if the ability to service debt is included alongside traditional measures of household debt relative to disposable income and gross domestic product.
“Focusing on debt servicing provides a potential clue as to why we have not seen the type of market correction that has been repeatedly predicted for the Canadian housing market.” This provides context to worrying statistics, such as a recent report from the Office of the Superintendent of Bankruptcy that shows insolvencies were up by 8.9 per cent over the 12-month period ending in November last year, the C.D. Howe report says.
Also this economist: The status quo will remain unchanging and in no way will incomes ever go down.
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