In 2018, Canada Mortgage and Housing Corporation (CMHC) looked at the debt-to-income of people around the country and found that Vancouverites owe much more money than they are bringing in every month. So how bad is it? Vancouverites owe $2.42 for every $1 they earn, according to its analysis. That’s the worst in the country. Don’t get me wrong; a lot of this debt is good debt — an investment that will grow in value or generate long-term income — such as a mortgage or student loan. However, a lot of it is also bad debt — debt incurred to purchase things that quickly lose their value and do not generate long-term income — such as personal lines of credit, credit cards, and auto loans.
Households in BC with a high total debt ratio (bad debt) usually have far fewer options when it comes to consolidating their debt service loads.
If you own your home but in a position where creditors are calling and bills are due, it’s time to take control of your debt once and for all. It’s time to pay that debt down without depriving yourself or sacrificing everything or putting your life on hold.
We have helped hundreds of clients pay off thousands worth of high-interest debt using the home equity they’ve built up over the years from paying down the principal on their mortgage.
As you pay down the principal of your mortgage, each month you own more of your property. Over time, your property value should also increase, which adds to your equity.
Many of you probably don’t know how much equity you’ve built up during recent years, so we’ve developed a handy home equity calculator to help you find out how much home equity you have accumulated.
- Click here to access the home equity calculator
- Simply enter your property address
- Enter your estimated property value
- Enter your current mortgage balance
- Find out how much home equity you have accumulated. It’s that easy!
