TORONTO – A credit-monitoring firm says Canada’s 90-day delinquency rate has fallen to 1.19 per cent in the second quarter of this year, one of the lowest values on record.
But Equifax Canada says in its National Consumer Credit Trends Report that Canadian consumers continue to increase their debt burdens despite recent efforts by regulators to tighten lending standards.
The report released today says total consumer debt rose by nearly $77 billion, or 6.1 per cent, to $1,345.5 billion in the second quarter from $1,268.7 billion in the same period last year.
That surge was driven by an 8.6 per cent increase in auto loan balances and a 7.4 per cent rise in outstanding mortgage debt.
The report also revealed that average debt for consumers aged 65 and over registered the greatest year-over-year increase at 6.5 per cent.
It adds that Toronto has the highest delinquency rate among major metropolitan areas at 1.56 per cent of non-mortgage balances but has continuously improved since hitting a peak of 2.53 per cent in 2010.
