It is no surprise that Vancouver homeowners lead major cities in Canada with a total average debt load of $629,803, with $595,100 coming from mortgage debt and $34,703 from non-mortgage debt.
Surrey comes in second in the country, averaging at a total of $609,104, including $574,324 from mortgage debt and $34,780 from non-mortgage debt.
This is followed by Toronto with an average mortgage balance of $574,246. Combined with a non-mortgage debt of $34,703, the average debt for Torontonians reaches $608,296.
Homeowners in Burnaby come behind in fourth, with an average total debt load of $559,293, with $523,180 sourcred to their mortgage obligations and $36,113 to non-mortgage debt.
What is interesting, despite having the largest mortgage balances, homeowners in Vancouver, Surrey and Toronto are the least likely to have missed billed payments compared to homeowners in other cities.
Homeowners in Regina ($261,325 average mortgage debt), Winnipeg ($263,857) and Saskatoon (280,842) are over three times more likely to have missed bill payments than homeowners in Vancouver, Surrey and Toronto.
The national average is $359,597 for mortgage debt and $34,290 for no-mortgaage debt.
At Keith Vines and Associates, we offer good old fashion service, working with our home buyers and sellers in a relaxed, friendly manner, applying every available tool available to achieve the best possible outcome. Please take a moment to sign up for Keith’s Grapevine – a periodic eletter full of interesting market news, advice and tidbits
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