Canadians are tapping that windfall of home equity and are ready to pay a lot of interest to do so. Filings with the bank regulator show home equity line of credit (HELOC) debt increased in March. It’s now growing at the fastest rate since 2013, after contracting over the past few years. The debt is entirely variable rate and less than two-thirds of total home equity loans.
Canadian HELOC Debt Reached $167 Billion
Canadian HELOC debt has been climbing in an odd pattern for the past few months. The outstanding balance reached $167.3 billion in March, up 0.3% ($510 million) from a month before. The balance is 1.4% ($2.3 billion) higher than last year, which might not sound like much. However, it’s one of the fastest rates in a long time and created an unusual pattern that stands out on the chart.
Canadian HELOC Debt
The outstanding balance of Canadian
Are you a construction worker? Contact the World Socialist Web Site to discuss the issues involved in your strike and build a rank-and-file strike committee.
Construction workers across Ontario began walking off the job over two weeks ago to protest a miserable below-inflation pay offer by the building companies. Despite the best efforts of the trade unions to divide the workers by trade and isolate their struggles, over 40,000 workers have been off the job and on picket lines since last week.
The strike includes house frame builders, floor fitters, and high-rise construction workers represented by Labourers International Union of North America (LiUNA) Local 183, crane and equipment operators from the International Union of Operating Engineers Local (IUOE) Local 793, and demolition and asbestos abatement workers, who are members of LiUNA Local 506.
Workers are demanding pay increases that keep pace with inflation, improvements to workplace safety, and better
The K.A. Group, the owners and management of K-Tec Earthmovers and Ashland Industries, announced it will acquire Metalcraft Scrapers, a manufacturer of earthmoving scrapers and accessory products.
The Louisville, Georgia-based Metalcraft will remain under the management of Dayton Ratzlaff, who founded the business in 2004.
K.A. Group owner Kinperium Industries says it will continue to invest in the 26,000-square-foot Georgia facility to support new product development and increased operational efficiencies across the organization, including shorter ordering lead times, enhanced product design, purchasing synergies, servicing support and company culture.
“Metalcraft is an impressive organization that has developed a niche in the earthmoving industry. The company has a culture of hardworking and humble experts that mesh seamlessly with our family values in our existing Canadian and Wisconsin locations,” said Mike Palitsky, K.A. Group president and CEO. “They have a proven track record of bringing innovative solutions to the market that perfectly complement
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