While Canada’s overall consumer debt climbed to $2.07 trillion in Q4 2020 (up 4.1% annually) due to increased mortgage activity, per capita consumer debt actually declined amid reduced spending activity, according to Equifax. The average consumer debt, excluding mortgages, fell by 3% year over year to end up at $23,043, “primarily due to credit card balance [&hellip…
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Most homeowners who sought deferrals for mortgages last year have seen their deferral periods end, but the Canada Mortgage and Housing Corp. says the risk of these borrowers falling into arrears could re-emerge. The federal housing agency says in a report that more than 250,000 homeowners with mortgages insured by CMHC sought payment deferrals between last March [&hellip…
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More than two out of five Canadians said that they feel stressed about the debt they incurred in 2020, according to a new study by Finder.com. If extrapolated across the country, the findings amount to roughly 10.3 million Canadians experiencing substantial debt-related stress, a trend that has been steadily intensifying since the start of the COVID-19 [&hellip…
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