Residential Market Commentary Sept 19, 2016
There are unlikely to be big increases in wages either. The latest survey by Mercer Canada suggests a national, average salary increase of just 2.3% in 2017. That is the smallest increase in the 20 year history of the survey. The findings support concerns that cost increases, especially for housing, are vastly outpacing people’s ability to pay.
Another recent survey, by the Canadian Payroll Association, just adds to concerns about the ability to pay. It suggests: nearly half of Canadians would find it difficult to pay their bills if their wages were delayed by even a week; 40% spend all or more of their net pay; nearly a quarter could not come up with $2,000 to cover the cost of an emergency, within the next month