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Equifax Canada’s most recent consumer credit report states that in the first quarter of the current year, the number of new mortgages jumped 41.2% from the equivalent quarter of 2020. The limit average new mortgage loans increased 20.5% to $ 326,930.
Over the same period, consumer debt grew 4.78%, but in the mortgage industry, the 90-day or more delinquency rate fell 19% from the first quarter of 2020
Equifax Canada recalls that in June, the Office of the Superintendent of Financial Institutions (OSFI) is instituting a new mortgage stress test that will reduce the purchasing capacity of many buyers, which could help reduce overheating in the mortgage industry.
On the other hand, credit card debt has hit an all-time low in six years as consumers pay back more than they spend. On average, in the first quarter of 2021, credit card account balances decreased 9.9% compared to the same period of 2020.
The average debt load of Canadians in the first quarter of the current year, excluding mortgages and default rates, was $ 20,430. Quebec’s, at $ 17,566, was the second lowest among the provinces behind Manitoba’s at $ 16,896.
New Brunswick’s debt ratio was measured at $ 22,297. It was $ 21,826 in Prince Edward Island and $ 20,992 in Nova Scotia.
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