What happens when $2.68 trillion of consumer debt meets a cautious shopper?
Rebecca Oakes, vice-president of advanced analytics at Equifax Canada, said the March to June period usually brings rising non-mortgage debt and falling missed payments, and that this year matched it.
“Consumers remain cautious, particularly around major purchases,” she said, adding that “pockets of growing stress are still evident in some areas.”
Ontario mortgage holders remain the outlier in an otherwise stable national picture.
Missed payments of 90 days or more on Ontario mortgages have risen in every quarter for the past four years, with knock-on effects on other credit products those borrowers hold.
Nationally, non-mortgage debt held by mortgage holders grew 1.9 percent quarter-over-quarter to $304.6bn, and their 90+ day non-mortgage delinquency rate edged up to 0.77 percent, a 0.4 percent increase from Q1 and a 12.5 percent rise year-over-year.
