According to Equifax Canada, the non mortgage debt in Canada rose 1%, roughly 24,000 dollars due to the use of lines of credit. Mortgage loans have reached an average of about 290,000 dollars which is an increase of 7.2% compared to the year before. Almost all areas are seeing higher average mortgage rates currently. The national delinquency rate also rose to 1.19% for non-mortgage debt and that is 11% higher than it was in 2018. We are seeing increased prices and increased debt in Canada in the Year 2019 which is not a great sign for 2020.
- Non-mortgage debt (e.g., credit cards, loans, lines of credit) rose to $23,800 for the average consumer.
- The average new mortgage loan is now $289,000, 7.2 per cent higher than the previous year.
- A vice president at Equifax said that, aside from mortgages, there’s been a significant reduction in demand for credit.
“The national delinquency rate (the percentage of credit users missing at least three payments) rose to 1.19 per cent for non-mortgage debt, 11 per cent higher than 2018.”