Canadian consumers are known for their resilience, but that luck might be running out. Office of the Superintendent of Bankruptcy (OSB) filings show consumer insolvencies had one of the biggest June’s on record. A sudden surge of consumer insolvencies over the past year has the annual volume at the third-largest peak on record, and the […]
Canadians aren’t acting like themselves and it may be a sign of a more concerning trend brewing. Bank of Canada (BoC) data shows annual household credit growth decelerated in May. Just off multi-decade lows, despite cheaper credit on the way, households are pulling back on borrowing. The low growth for borrowing is even more concerning […]
Higher interest rates may have slowed Canadians from borrowing, but they’re embracing hope. Hope that rates will be cut and the debt they’re once again accumulating will go down in cost. Bank of Canada (BoC) data shows household credit jumped in February, and has shown some mild acceleration. This presents a few concerns for the […]
Canadians are beginning to show minor signs of financial stress, but it’s worth noting. Transunion data shows credit delinquencies for nearly all segments rose in Q4 2022. A big exception was mortgage loans, which remain near the all-time low. However, it’s worth noting that traditionally, mortgage delinquencies lag other credit segments. Consumers experiencing financial stress […]
Canadians have been on a savings spree like few other points in history, but it might not be what it seems. Statistics Canada (Stat Can) data shows household savings have been soaring. The country expects these savings to be unlocked and create an economic boom in the future. We broke down households by income fifths […]
Canadians tapped a lot more equity than their home equity line of credit (HELOC) balances show. Office of the Superintendent of Financial Institutions (OSFI) filings show loans secured by homes jumped in October. HELOC debt is the most common type of loan secured by homes, but represents just a small share of the debt. Homeowners […]
Since the pandemic began, Canadian households have never been better. They’re saving more, they’re defaulting less, and some have even begun to poop rainbows. At least that’s what the narrative has been. Non-mortgage loan (A2) filings with the Office of the Superintendent of Financial Institutions (OSFI) shows that may not be the case. Expected credit […]
Canadians aren’t defaulting, but that’s the only thing healthy about household credit. TransUnion (TU) released their Credit Industry Indicator (CII) this month. The index gauges the overall health of consumer credit using various factors. Despite a booming mortgage market, credit health is still far from pre-pandemic levels. It only made minor improvements since the biggest […]
Canadians have no problem borrowing money, they just won’t do it for anything but a house. Bank of Canada (BoC) data shows household credit reached a new record high in April. The rate of growth was the fastest seen in nearly half a decade. Canadian housing mania has few people spending on anything but a […]
