Credit card balances increase in first quarter as mortgage market slows, Equifax Canada says

Equifax Canada says credit demand was high in the first quarter of the year while the mortgage market saw a significant slowdown.

Equifax Canada’s vice-president of advanced analytics Rebecca Oakes says in a statement that the first quarter normally brings a drop in non-mortgage debt as consumer spending slows after the holidays.Missed payments on non-mortgage debts also rose, with 175,000 more consumers missing payments on at least one product, up 18.8 per cent from a year earlier.

Equifax says non-mortgage delinquency rates rose by the most in British Columbia and Ontario. And while at the end of 2022 delinquencies were more pronounced among non-mortgage holders, the first quarter of 2023 saw an increasing number of mortgage holders missing payments on non-mortgage debt.

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