"Longer term, reestablishing housing affordability in Canada will be key to reducing household debt if they want to become homeowners. "As house prices increase in Canada, households take on debt leading to a rise in the total amount of debt in the economy," ab Iorwerth said. The CMHC report noted that three quarters of Canadian household debt is tied to mortgages. The housing agency said that any desire to address a looming debt problem is closely linked to the country's housing market. "It becomes difficult, if not impossible, for many mortgage holders to service their debt." Mortgage debt the biggest problem Canada News Latest National Headlines Seaforth Huron Expositor Listen to us: LGBTQ activists seek help, prudence in raising human rights abroad Do. However, the office of the provinces attorney general will fight a lawsuit filed by the former premier seeking 700,000 for. Stay up-to-date with breaking news, national news, sports, business, politics and more at. Quebec wont appeal 385,000 judgment in favour of Jean Charest. "We see early warning signs that more and more consumers are getting into financial difficulties," the report said. Latest Canadian news and top headlines from all around the world. While many families manage to stay on top of their debt loads as long as their income level stays the same, it becomes a problem for the entire economy when that suddenly and unexpectedly changes, the CMHC warned.
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