Canadian Debt

Jeremy Harrison, minister of the economy pointed to the fact the average Canadian family needs 42.8 per cent of its pre-tax income for housing while the average in Saskatchewan is 28.6 per cent.

“So I think that speaks as to the affordability of living here in this province,” said Harrison.

John Hopkins, CEO of the Regina and District Chamber of Commerce, said the survey indicates that Canadians are spending heavily on necessities like housing.

That’s created concern there could be real trouble for consumers if there’s a sudden increase in interest rates, but “we’re not seeing that anywhere on the horizon, thank goodness,” he said

Harrison’s comment could be very funny if the housing market crashes next year, and Hopkins’ too if interest rates go to 5%.

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