ING Direct CEO concerned too many consumers using long-term amortizations to get into market…
(Source: The Toronto Star)
Despite warnings from some bankers that consumers should be prudent when taking on household debt, Canadians are gaining a healthier appetite for risk and taking on longer-term mortgages.
A survey released Monday by the Canadian Association of Accredited Mortgage Professionals shows 18 per cent of mortgages are long-term, compared with 16 per cent a year earlier and 9 per cent in 2007.
Read the full article by Tony Wong, “Mortgage debt soars in Canada” in the Toronto Star (Nov 17, 2009)