Canada runs the highest risk of mortgage defaults among advanced economies, the IMF warns. Find out more
The IMF’s report doesn’t jive with other data that show mortgage delinquency rates in Canada remain lower than pre-pandemic levels, but strain is beginning to show.is now the highest among G7 countries. In 2021 it was seven per cent higher than the country’s total gross domestic product.out today shows that an increasing number of Canadians with a mortgage are missing payments on non-mortgage credit, up 15.
“We are now starting to see more homeowners struggle as well, especially following mortgage renewals where payments have risen significantly,” said Rebecca Oakes, vice-president of advanced analytics at Equifax Canada. Canadian consumers on average are spending 21.5 per cent more each month on credit cards, compared to pre-pandemic levels. Average monthly spending per credit card holder exceeded $2,200 this quarter, up about $400 compared to the first quarter of 2020.found that three in 10 Canadians say they are struggling to get by. That is six percentage points higher than a year ago.
Almost half, 45 per cent, of the people surveyed with mortgages say they are finding their monthly payments “tough or very difficult to manage.”Article contentFaced with increasing costs for housing and food, Canadians have used credit to keep up, said Angus Reid. And if thenterest rates again, as some economists expect, it would put more pressure on indebted Canadians.
One quarter of the people polled said debt is a major source of stress for them. Among people with mortgages that percentage is even higher, with 30 per cent saying their debt was majorly stressful.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Posthaste: More borrowers struggle as IMF warns Canada at highest risk of mortgage defaultsCanada runs the highest risk of mortgage defaults among advanced economies, the IMF warns. Find out more
Read more »
IMF’s Kristalina Georgieva reportedly sees no significant slowdown in lendingThe lack of a significant slowdown in lending combined with a resilient U.S. jobs report on Friday could lead to further rate hikes, the IMF’s managing-director told CNBC in an interview
Read more »
CANADA: Companies adopt 'stay interviews' as workers rethink careersSome companies have been hosting such meetings for years, but many more adopted the practice over the course of the COVID-19 pandemic as the health crisis caused workers to rethink their careers or seek more flexibility, advancement or support from their employers
Read more »
Opinion: Honest Reporting Canada ‘tramples on the truth’'Such manipulative and revisionist arguments have no place in our public discourse.'
Read more »
CANADA: Companies adopt 'stay interviews' as workers rethink careersSome companies have been hosting such meetings for years, but many more adopted the practice over the course of the COVID-19 pandemic as the health crisis caused workers to rethink their careers or seek more flexibility, advancement or support from their employers
Read more »
Canada’s high-powered Debra Rathwell has ideas on how to fix the concert industryDebra Rathwell spoke to The Globe and Mail in advance of her keynote appearance in Toronto at the industry convention Canadian Music Week
Read more »