However, the average household debt-to-income ratio across countries is about the same as in 2007, as countries such as Canada that escaped the full brunt of the 2008 crisis have gone on to run up household debt.
The IMF’s report doesn’t jive with other data that show mortgage delinquency rates in Canada remain lower than pre-pandemic levels, but strain is beginning to show.is now the highest among G7 countries. In 2021 it was seven per cent higher than the country’s total gross domestic product.out today shows that an increasing number of Canadians with a mortgage are missing payments on non-mortgage credit, up 15.
Canadian consumers on average are spending 21.5 per cent more each month on credit cards, compared to pre-pandemic levels. Average monthly spending per credit card holder exceeded $2,200 this quarter, up about $400 compared to the first quarter of 2020.found that three in 10 Canadians say they are struggling to get by. That is six percentage points higher than a year ago.
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