Canada's household debt is highest among G7 countries
The money in Jim MacCallum’s wallet doesn’t go as far it once did. His car broke down so he walks to get his groceries at No Frills. His food bill is up and so is his debt.
“I’m a renter, but I’ve got a line of credit. But I just got stuck when the interest rates went up,” said MacCallum.
Canada’s household debt is rising. An analysis by Canada Mortgage and Housing Corporation found Canada’s household debt is the highest among G7 countries and around is 75 per cent of the debt is from mortgages.
“Which is absolutely ridiculous, people don’t have a place to live,” said homeowner Cheryl Cullen. “We’re lucky our mortgage is at a good rate right now, but we’re not sure what’s going to happen in a few years.”
Interest rate hikes to quash inflation have made some of James Mckeown’s clients apprehensive. They question what mortgage rates will do to their financial future.
“People who took out mortgages at historic lows during COVID that are paying under two per cent that are going to renew into a reality where that mortgage rate is more than double,” said James Mckeown, associate mortgage broker.
Canada Mortgage and Housing Corporation data shows few homeowners are missing mortgage payments and analysts predict that will go up.
“We do expect Canada’s economy is going to tip into a recession imminently and we’re likely, that will likely generate some job losses going forward, said Robert Hogue, RBC assistant chief economist.
Hogue points out how job losses have historically meant more mortgage delinquencies and consumer insolvencies.
“The starting point has been exceptionally strong in terms of mortgage delinquencies, they’ve reached historical lows during the pandemic up until very very recently,” said Hogue
Advisors are warning Canadians to tackle their finances now.
“It may not be easy but it’s important to be proactive to start putting some money aside in a rainy day fund to handle those higher payments should rates remain elevated for the next few years,” said Victor Tran, with Ratesdotca.
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