Mortgages currently make up about three\u002Dquarters of household debt in Canada
Over the same period of time, household debt also dropped in the U.K. and Germany and was nearly unchanged in Italy.
While an upcoming CMHC report is expected to contain more information about how Canadians are coping with this year’s higher interest rates, ab Iorewerth said the agency already sees “early warning signs” that more and more consumers are getting into financial trouble. “Canada is safeguarded by a sound institutional framework and prudent financial regulation. This ensures that most Canadian borrowers would be able to withstand currently elevated mortgage rates. But, in the event of a severe global economic downturn, Canada’s high household debt will be a vulnerability.”
A recent report from RBC Economics stated a looming recession and an unemployment rate projected to climb to 6.6 per cent by early 2024 are set to tip more Canadians into loan delinquencies and insolvencies.
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