In fact, the number of Canadians who are unable to pay their monthly bills and debt payments — in other words, insolvent — is at its highest level since the index began in 2017. “I think a lot of it really depends upon interest rates,” he added. “The issue is that housing debt is terribly unproductive from an economic perspective,” he said. “Buying a house doesn’t drive economic growth. What drives long-term economic growth is increases in productivity.

Source: thestar July 19, 2021 19:41 UTC