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TORONTO (Reuters) – Canadian consumers took on more debt in the second quarter as credit card and loan balances rose, but the delinquency. rising consumer debt in Canada, where five years of low.
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That means auto loans account for just under 7.5% of all outstanding consumer credit. The genesis of the last consumer debt crisis was the mortgage market which at its current size of $9.75T is.
TransUnion’s quarterly analysis of trends in the mortgage industry found that national mortgage loan delinquency rate (the ratio of borrowers 60 or more days past due) decreased again in the second quarter of 2010, suggesting that the credit conditions in the housing sector have now begun to stabilize.
Despite an increase in non-prime consumers participating in the credit card market, the serious delinquency rate (90 days or more past due) remained relatively low at 1.53% in Q3 2016. This was an increase of nine basis points from a Q3 2015 reading of 1.44%, though it remains below the average third quarter reading of 1.66% (2010-2015).
Partly due to the strong performance of these economic indicators, we expect originations and consumer balances to increase for most credit products. Looking at delinquency rates, we forecast delinquency rates to remain at either low or ‘normal’ levels as lenders have confidence to add slightly more risk to their portfolios.
Separately, TransUnion released a data report highlighting delinquency rates in the consumer credit market since the 2008 economic crisis. For the mortgage side of the consumer credit industry, TransUnion noted that serious mortgage delinquencies peaked at seven percent in the first quarter of 2010 but were at 1.67 percent in the second quarter of this year.
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The credit card delinquency rate (the rate of borrowers 90 days or more delinquent on their general purpose credit cards) rose nearly 7% from 1.34% to 1.43% in Q3 2015.
Late-payment rates on the whole remain low, but flows into delinquency have risen in recent years for credit-card and auto debt. This was offset by foreclosures which reached a new historical low, as only 69,580 individuals had a new foreclosure notation added to their credit reports in the third quarter of 2017.