Mortgage volumes fell in Q2 as credit card debt rose: Equifax

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.