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Rapidly rising house prices are shielding indebted borrowers from insolvency, but for those without real estate, it’s a different story.
Are Canadian households waiting for a government bailout?
Ordinarily, these types of insolvencies happen during an economic crisis, not during boom times.
Nearly half are on the verge of insolvency, a survey has found.
One in five Canadians say they will have to liquidate assets to pay their debts this year.
Research suggests Canadians are under immense social pressure to spend money, and that's driving debt.
Real estate agents can talk about the upside of buying right now, but they don't explain the downside of carrying massive debt. Yes, you may build some equity if you purchase a home, but if you've mortgaged 90 per cent of it, very little of your payments in your first five to 10 years will go towards repaying principal.