ÐÇ¿Õ´«Ã½

Business

    • Canadians took out fewer new mortgages in Q4 while debt continued to increase

    mortgage
    Share
    TORONTO -

    Canadians took out fewer new mortgages even before interest rates began to rise last week, but consumer debt continued to increase in the fourth quarter, Equifax said in a report.

    The company said Monday the number of new mortgages fell 8.1 per cent year over year in the last three months of 2021. The biggest drop was in some of the country's hottest housing markets with Toronto and Hamilton falling 16.1 and 18.7 per cent, respectively.

    "There's no question that skyrocketing house prices have decreased housing affordability across all segments," said Rebecca Oakes,

    "In addition to high house prices, lenders have also started to move interest rates up in anticipation of rate rises from the Bank of Canada. This could also be limiting the purchasing capacity of many consumers."

    The Bank of Canada hiked its benchmark rate by a quarter of a percentage point to 0.50 per cent last week with more increases expected later this year.

    The average new mortgage loan increased 10.1 per cent from the fourth quarter of 2020 to $355,000, but dropped 1.5 per cent from the third quarter for the first decrease since the pandemic began.

    Oakes said this may be a sign of average home prices stabilizing, although continued demand and lack of supply could lead to further rises in the property prices.

    Equifax also says total consumer debt rose 7.9 per cent compared with a year earlier to $2.2 trillion as credit card spending in the fourth quarter was up 14.4 per cent from a year earlier and up 9.8 per cent from the third quarter.

    Consumers spent an average of $2,205 per month on their cards in the fourth quarter, up 15.2 per cent from the year-ago period and 6.8 per cent above the pre-pandemic level in the fourth quarter of 2019.

    "The holiday period always leads to an increase in spending, but Q4 2021 saw higher than ever average credit card spending per credit card consumer," said Oakes.

    A drop in auto loans because of supply chain issues was a positive contributor.

    Equifax said overall credit card balances were up 2.4 per cent compared with the fourth quarter of 2020.

    Overall delinquencies remained low with mortgage delinquency at 0.11 per cent and non-mortgage delinquency at 0.86 per cent, for year-over-year drops of 31.8 per cent and 20.7 per cent, respectively.

    This report by The Canadian Press was first published March 7, 2022.

    CTVNews.ca ÐÇ¿Õ´«Ã½

    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    Canada

    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    • The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.

    • In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'

    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    World

    Politics

    Health

    Sci-Tech

    Entertainment

    • Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.

    • Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.

    Business

    Lifestyle

    • They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    Sports

    • The Winnipeg Jets have some huge holes to fill on both offence and defence this season.

    • Vancouver Canucks goalie Thatcher Demko says he's been working his way back from a rare lower-body muscle injury since being sidelined in last season's playoffs.

    Autos

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.

    • The plant was expected to produce batteries for a million electric vehicles a year. Once up and running, it was supposed to create hundreds of permanent jobs in a small southeastern Ontario municipality. But two years later, spending on the construction of the Umicore plant has been delayed in what the company calls a "significant worsening of the EV market context."

    Local Spotlight

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

    David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

    Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.

    • Thousands of protesters are expected to march into downtown Vancouver on Friday, demanding more action from their government to address the growing climate crisis.

    • There have been more reports of a Bitcoin extortion scam seeking to exploit viewers of "adult content" in B.C.'s Lower Mainland, according to the RCMP.

    • Getting a bed at one of British Columbia's drug detoxification facilities is like winning the lottery, the vice-president on the Nuu-chah-nulth Tribal Council says.

    • The Ford government is considering restricting Ontario municipalities from installing new bike lanes that would require the removal of lanes of traffic, a source confirms to CTV News Toronto.

    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • Defence counsel for accused murderer John-Christopher Arrizza argues he was in an “altered state of mind†due to days of drug and alcohol use, sleep deprivation and not eating, when he fatally stabbed a man at a Banff nightclub in 2022.

    • Injury prevention experts are urging Calgarians to ride carefully as e-scooter crashes land hundreds of people in the hospital.

    • WEATHER

      WEATHER

      Friday will be cool and wet with intermittent showers likely through most of the day.

    • WATCH LIVE AT 1 P.M.

      WATCH LIVE AT 1 P.M.

      CTV News has learned “significant news†is coming Friday regarding ongoing discussions to build a new downtown arena for the Ottawa Senators.

    • Police say a man, 34, who was taken to hospital in critical condition after being shot Thursday night has died.

    • The Ford government is considering restricting Ontario municipalities from installing new bike lanes that would require the removal of lanes of traffic, a source confirms to CTV News Toronto.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    • Environment Minister Steven Guilbeault has invited his Quebec counterpart to the negotiating table to reach an agreement on caribou before Christmas. He noted that the province could benefit from hundreds of millions of dollars in funding to protect biodiversity.

    • The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    • DEVELOPING

      DEVELOPING

      Edmonton police are warning about traffic disruptions on Friday near the headquarters of the Alberta Teachers' Association, where a protest against the inclusion of sexual orientation and gender identity in school curricula will be taking place.

    • A mother and daughter say they woke up to flames encroaching on their third-floor apartment near Commonwealth Stadium early Friday morning.

    • WEATHER

      WEATHER

      The big weather story today won't really be rain, it'll be the cooler and breezier conditions.

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes "indescribable" pain, she struggles to maintain the will to live.

    • Gas prices increased in all three Maritime provinces for the first time in more than a month.

    • A section of Herring Cove Road in the Spryfield area of Halifax is closed to traffic in both directions following a single-vehicle collision Friday morning.

    • The Winnipeg Police Service (WPS) has made an arrest following a fire that claimed the lives of two people.

    • Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.

    • A Winnipeg pet rescue is putting out a warning to dog owners across the city about a possible parvovirus in the province.

    • Driving into the tunnels of Nutrien's Rocanville mine, the largest potash mine in the world by production volume, feels like driving down a lonely highway in the middle of the night.

    • Regina police, fire and EMS were called to what appeared to be a three vehicle collision in the east end of the city shortly before 9 a.m. Friday morning.

    • The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.

    • Amber and Adam Brueckner have a pool-shaped hole in their backyard – and their wallets.

    • The missing family that was last seen in Kitchener, Ont. on Sept. 1 has been found safe, according to police.

    • A 43-year-old Guelph woman is wanted after police say she broke into a house and made herself at home.

    • The second-degree murder trial of Thomas Hamp is being adjourned until December so an expert witness central to the trial can testify.

    • A gym teacher at a private Christian school in Saskatoon has been charged. Terra MacEwan, 44, is charged with assault with a weapon. A Saskatoon mother who spoke with CTV News says her autistic son was MacEwan's victim.

    • Driving into the tunnels of Nutrien's Rocanville mine, the largest potash mine in the world by production volume, feels like driving down a lonely highway in the middle of the night.

    • Emergency crews in northern Ontario found the bodies of four people inside a home where a fire broke out Thursday night.

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • A research team in London is looking into whether or not ChatGPT can be used as a diagnostic tool for medical learners and clinicians.

    • Police say just before 7:00 p.m. four teens entered a business in the 1000 block of Adelaide Street North.

    • Hospital officials said it’s designed to ensure people of all abilities can access services, spaces, employment, and information in a way that meets their individual needs.

    • Two men from Barrie have been charged after a deadly shooting at a park in Keswick on Wednesday.

    • The Barrie Transit Field Trip Pass Program offers free elementary and high school transportation for students and teachers, removing the hassle of booking charter buses and managing the costs.

    • Check your lottery tickets because someone who purchased a ticket in Grey County is an overnight multi-millionaire, having won half of the historic lottery jackpot.

    • Windsor police say a 25-year-old mother has been charged with the drowning death of her 5-year-old child in the family’s backyard pool.

    • On Thursday, just after 9:30 a.m., a man was found and taken to police headquarters, where he was released with conditions and a future court date.

    • Windsor police are asking for help finding a missing 66-year-old man.

    • In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.

    • Getting a bed at one of British Columbia's drug detoxification facilities is like winning the lottery, the vice-president on the Nuu-chah-nulth Tribal Council says.

    • The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.

    • Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.

    • A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.

    • North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.

    • Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at CTV News. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow CTV News