Canadian households are spending record amounts of their disposable income to service their debt payments according to a new report released by Statistics Canada.

Bank of Canada maintains overnight rate at 1.75%, marking the 5th consecutive announcement that has left the rate unchanged.

The average mortgage amount increased to $209,570, up by more than 3% from a year ago.

Real estate sales increased 0.4% year over year in the Ottawa market according to the Ottawa Real Estate Board (OREB).

With the federal election only 6 months away no party has presented a clear plan to turn the home ownership trend around.

Bank of Canada Governor Stephen Poloz kept the benchmark rate stable at 1.75% in the most recent announcement made this morning marking a fourth straight hold by the bank.

Following a sharp decline in February, Canadian home sales edged up 0.9% month-over-month in March according the monthly report from The Canadian Real Estate Association (CREA).

Despite stress tests and house prices, most Canadians still aim to own rather than rent.

According the Ottawa Real Estate Board (OREB), spring sales have seen a decrease year over year while prices are on the rise.

The Federal Government has announced the new budget which contains measures to address affordable housing across Canada. The finance department anticipates legislation for the new program will pass in time for a September launch.

Announced this morning, the Bank of Canada has opted to maintain the overnight interest rate at 1.75%.

Canadian home ownership rates have continued to be among the highest in the world, despite affordability and stress test concerns.