Canadians to Borrow & Spend More in 2021

Feb 24, 2021 | Nick Gill


Canadians to borrow and spend more in 2021


But debt-wise, they may be less vulnerable than they were pre-COVID

  • Mortgage debt has surged, but lower rates and higher incomes have made debt servicing more manageable
  • Canadians’ mix of debt is slightly less interest-rate sensitive than it was pre-COVID
  • Household excess savings and real-estate asset values have both increased more than mortgage balances
  • The concern remains that there are households caught in the middle
  • Pent-up demand and large savings stockpile to boost spending in H2/2021

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