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During the second quarter Canadian consumers dared to take on more consumer debt. Average mortgage loan balances grew too. However, delinquency rates went down, as a key credit report provider informed on Tuesday.
Years of very low interest rates since the financial downtime spurred a borrowing binge and also assisted to drive Canadian household debt to record maximums for the last time, powering a housing boom, which has recently started faltering.
As for non-mortgage debt balances, they hit C$22,154 in the quarter, soaring 2.7% from 2016. In addition to this, serious delinquency rates, incorporating repayments more than two months overdue, went down by about 8 basis points reaching 2.65%.
In 2016 average mortgage loan balances inched up by 4.8% hitting C$198,781, while serious delinquency rates for mortgages sank by 4 basis points tumbling to 0.56% - that’s the third consecutive quarter of sagging delinquency.
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