Canadian Consumer Debt Tops $2 Trillion Says Equifax Canada

According to Equifax Canada, consumer debt in Canada reached 2 trillion this fall, largely due to increased demand for mortgages and car loans.

In its latest quarterly report, Equifax shows total consumer debt rose 3.8% to $ 2.041 trillion in the third quarter of 2020 compared to the same period last year.

“Homebuyers are largely why we’ve crossed the $ 2 trillion threshold,” said Rebecca Oakes, assistant vice president of advanced analysis at Equifax Canada, in a statement on Monday.

“Car sales have also risen again in the past few months. The shutdown of the manufacturer and the auction house has resulted in a temporary shortage of vehicles in some areas. “

Mortgage balance increased 6.6% year-on-year, while loans to buy new cars increased 11.7% year-on-year. Meanwhile, average credit card spending is back close to pre-pandemic levels, according to Equifax.

While the 90-day overdue rate for unsecured debt fell to 0.98%, the lowest level since 2014, Equifax noted several troubling signs.

“The rate of delay we’re seeing right now is likely to be overshadowed by payment deferrals,” said Oakes, who has attracted more than three million consumers since translation begins.

According to Equifax, 12% of new credit products in the third quarter were opened by consumers who took advantage of the deferred payment program.

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