We discuss the Bank of Canada's Financial Stability Report (FSR) for May 2025, which examines the current state of Canada's financial system and housing market. Here are three key points:

• The housing market shows high debt levels, with Canadians carrying approximately $1.73 in debt for every $1 of disposable income, making them vulnerable to economic shocks.
• Interest rates have decreased from their peak, creating a more positive outlook for borrowers, though they won't return to pandemic-era lows. TD forecasts this could help revitalize the housing market in 2025.
• About 60% of Canadian mortgages are due for renewal in 2025-2026, with most borrowers facing higher payments than their previous rates, though increases will be less severe than initially feared.

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