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Covid meant last Christmas was a bit of a washout.
Most consumers are cutting back on credit card debt as mortgage volume reaches unprecedented levels. Overall consumer debt stands at $2.08 trillion, up 0.62% from the last quarter of 2020 and up 4.78% from the first quarter of 2020.
New mortgages are up 41.2% in Q1 of 2021 compared to Q1 of 2020. The average limit on new mortgages also grew 20.5% to $326,930 year-over-year. A large portion of the new mortgage growth was driven by B.C. and Ontario, which saw jumps of 59.2% and 44.3% in volume respectively compared to Q1 of 2020.
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Good morning!
With “one-dose summer” on the horizon, the worst of the third wave behind us, and provinces releasing their reopening plans, things are looking up for Canadians.
But not everyone is faring well, especially when it comes to their finances. And small and medium-sized businesses appear particularly hard hit.
New data from Equifax Canada shows how the pandemic has simultaneously hurt businesses and some consumers, while also helping others.
The analysis explains that on average consumer credit scores have gone up as people used their credit cards less, leading to fewer missed payments.
That trend is in place for businesses, too, with demand for credit dropping, especially in the last three months of last year. In the oil and gas sector, credit inquiries dropped over 60 per cent. They fell 48 per cent in construction and 45 per cent in retail.
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