Today's newspaper had a story about Canadians cautiously paying down their debts. A month ago the Harper government and the Bank of Canada were expressing concern about Canadian debt reaching 148% of an individual's earnings. Some of this can be explained as mortgage debt. No one expects someone to pay off a house in a year. This is on-going and the value of the asset, in this case, the house will appreciate over time.
What today's report states is that while debt has gone up and savings dropped, homeowners have seen their net worth increase by 27% since 1999, while renters have seen their net worth drop.
Once again we see proof that owning a home is a wise investment.
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