Equifax releases latest country-wide delinquency stats

by Justin da Rosa18 Aug 2016
Delinquency rates for one of Canada’s largest home buying cohorts is on the rise.

Delinquency rates among Millenials is on the rise, Equifax reported Thursday.   

"While debt among seniors has increased, they are also the only age group that saw its delinquency rate decrease over the past 12 months. They currently share the lowest delinquency rate, 0.9 per cent, with the 55-64 age group," said Regina Malina, Senior Director of Decision Insights at Equifax Canada. "For the most part, older Canadians have always demonstrated an ability to handle their spending and what they owe. Young people, and really everyone, should be reminded to practice good budget and money management habits.”

Among 18-25 year-olds, delinquency rates increased 11.7% year-over-year in Q2 2016 for a total of 1.8%, according to the credit rating firm. The average debt among those individuals also increased by 2.1% and now sits at $8,203.

Those in the 26-35 year-old bracket now have a delinquency rate of 1.6% -- up 9.7%. The average debt also increased by 2.8% to $16,841.

“Total consumer total debt (excluding mortgages) also remains on the rise. As of Q2 2016, Canadian consumers owe $1.666 Trillion, compared to $1.618 Trillion in Q1 2016 and $1.568 Trillion a year earlier, an increase of 3 per cent and 6.3 per cent, respectively,” Equifax said in a release.

Equifax also reported various regions are experiencing differing credit trends.

"Regional differences in debt and delinquencies are playing out as anyone would expect given the price of oil,"
added Malina. "Both lenders and borrowers are having to adjust to current conditions in their local economies."

See below for country-wide stats.

COMMENTS

  • by J-Cloud 8/18/2016 12:58:37 PM

    good report and table.... how do we compare to US

  • by Dick Brady 8/21/2016 5:35:29 PM

    With our Governments spending like drunken sailors (apologies to our wonderful Canadian Navy) and Kathleen Wynne leading the way with indiscriminate, foolish and just plain wasteful spending and dragging Ontario deeper into debt daily, why wouldn't our Millennials follow her lead. Good enough for Governments, then good enough for me...type thinking. Our Governments must stop deficit budgeting and start living within their means and perhaps Millennials will follow.

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