June 6 roundup - MoneySense

June 6 roundup

On the ambitions of indebted Canadians and a private B.C. island on sale for a cool $75M.


•Roughly half of indebted Canadians expect to be debt-free within the next five years, according to a new BMO report. One has to wonder if the projections are overly ambitious considering the average household debt load in Canada, including mortgage, credit card, line of credit and loan debt, is $112,329. Still, there is hope. “After the lengthy run-up of the past decade, it’s encouraging that many Canadians are planning to rein in their debt, as interest rates won’t stay low forever,” Sal Guatieri, senior economist, BMO Capital Markets, said in a release. ” Household credit growth has slowed to 5% in April from a 9% clip over the past 10 years.

•Check out this private B.C. island up for grabs. It could be yours for a cool $75 million. James Island, just 2 kilometres east of Central Saanich, was the eco-retreat of telecommunications pioneer Craig McCaw and his wife, Susan Rasinski McCaw, the former U.S. ambassador to Austria. It includes a 5 ,000-square-foot main house, a half-dozen cottages, a private air strip and a rarely used 18-hole golf course.