Housing behind disproportionately higher financial stress in young, racialized Canadians

, said Douglas Hoyes, a co-founder of the trustee firm, Hoyes, Michalos & Associates Inc., which published its report based on its analysis of 2,700 personal insolvency filings.

Half of the survey’s Black respondents and nearly four in 10 Filipino respondents said they wouldn’t be able to cope with the sudden expense. A recent report by the Canada Mortgage and Housing Corporation found that the average annual rental rate for a housing unit that had just switched tenants climbed by 18 per cent in the year leading up to October, 2022.For younger Canadians,

Many young people who carry student loans and seek to borrow more money face high interest rates, because of their overall high debt-to-income ratios, Mr. Hoyes said.

and Trudeau Liberals say they are making life more affordable for Canadians…

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