NOW Magazine
Canadians got richer but went deeper into mortgage debt in 2020: economists
"Canadians are poised to quickly deploy spending as the economy gradually reopens in 2021,” one bank economist writes
By Carlito Pablo
Samuel Engelking
Mortgage debt in Canada rose by $110 billion in 2020 over the previous year, according RBC Economics.
The previous year has been a challenging time for many because of COVID-19.
But at the end of the day, Canadian households became richer in 2020, according to economists with two of the biggest banks in the country.
RBC and TD economists say Canadians emerged with more wealth from the pandemic year. However, the other side of the coin shows that mortgage debt also increased in 2020.