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According to a article at the CBC, As odd as it might be, banks and creditors are currently being patient with consumers loaded down by debit. The coronavirus pandemic has forced this uncharacteristic behavior on them as the world tries to survive. However, lawyers and insolvency trustees are expecting this unusual situation to end this fall, when many people will no longer be able maintain their debt.
"Insolvencies were on the rise before COVID-19 struck, and debt-to-income ratios of Canadians were near their peak," said Andre Bolduc, a board member of the Canadian Association of Insolvency and Restructuring Professionals.
This crushing debit will surely effect the Real Estate market when people can no longer afford their mortgages or be able to make a down payment.
If a crashing market isn't helping your income and you are considering your options, contact us to see how we can help!