Business
Canadians Take on More Credit Amid Lower Interest Rates as Mortgage Churn Rises and Economic Disparities Deepen
Key findings from TransUnion report: Total consumer debt rose to $2.6 trillion, driven by increased mortgage balances amid falling interest rates; mortgage originations jumped 18% YoY as Canadians opted for shorter-term fixed mortgages.Delinquency trends reveal widening financial disparity across regions; early-stage delinquencies declined, but late-stage delinquencies rose, with Ontario, Alberta and Quebec showing the sharpest increases.Credit card market shows signs of slowdown as originations
About this update from Transunion
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