Category:
Educational Materials/Courses
Save this article >
Mortgage volumes fell in Q2 as credit card debt rose: Equifax
Author:
Steve Huebl
Publication date:
September 11, 2022
Article Summary:
Equifax Canada's data shows that Canadian borrowers slowed down mortgage borrowing in Q2, but increased non-mortgage debt, such as auto and credit card loans, leading to overall debt levels reaching a new record of $2.3 trillion, up 8.2% YoY. Non-mortgage debt rose 5.2% to $591bn, with the average non-mortgage debt carried by the average consumer at $21,128. New mortgage volumes were down 16.4% YoY, while high inflation has driven up the cost of living, impacting consumers' finances, and credit card balances are now at their highest level since Q4 2019. The TransUnion Canada's Q2 Consumer Pulse Study revealed growing concern among consumers over the state of their finances, with 41% saying their household finances are worse than planned.
Keywords:
Equifax, mortgage, non-mortgage debt, credit card loans, inflation, consumer confidence.
Source Citation:
Steve Huebl
Mortgage volumes fell in Q2 as credit card debt rose: Equifax
September 11, 2022
Did you find this article useful?
Your feedback is important not only to us, but to all the other key players in the condo industry. Help us by letting us know if this article is relevant and useful. This will help us prioritize articles that provide helpful guidance to other key players like you.
Please login to use this feature.