A net increase in net worth

In a report from RBC this morning, the net worth of Canadian Households has risen to a new high.
That is a nice surprise for Christmas, however the news comes with a warning that debt levels are creeping up also. The level of debt to assets and debt to income in Canada is continuing to move in a negative direction which is a concern for many as the economy at some point rebounds but with a corresponding increase in interest rates.
While the concern is not short term, it only makes sense for us to continue to tighten the belts a little, even at Christmas.
In last week's article, I wrote about the fact that it is a good time for first time home buyers to enter the market and that is definitely the case, but wise counsel from family, friends and a professional REALTOR® will ensure that as a first time home buyer you are getting into the correct property and not over-stretching.
It is always tempting to buy more than you can afford and hope that you can figure it out later, but that leads to an American style of market collapse where  nobody was being held accountable for their decision making. Thanks goodness we have more checks and balances here in Canada to ensure that we make the best decisions available to us.
Happy Christmas!

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About the Author

For the past twenty years Mark has been involved in real estate development and consulting and is currently a REALTOR with Sage Executive Group in Kelowna.

His column, brings a unique perspective on what may be important to us in the future as we come to grips with fast paced change in a world that few people barely recognize.

His influences come from the various travels he undertakes as an Adventurer, Philanthropist and Keynote Speaker. More information can be found on Mark at his website www.markjenningsbates.com


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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