Canadian Consumer Credit Outlook: Recovery Interrupted

The labor market suffered a setback over the winter; already hard-hit industries resumed layoffs as the second wave intensified. The large number of Canadian households that utilized the mortgage payment deferral program raises concerns about their ability to handle rising debt-service obligations once interest rates start increasing. Beyond mortgages, other lending lines will be impacted in various ways. 

We'll examine the effect of the ongoing pandemic on consumer spending, debt, originations and other factors of Canadian household credit under our baseline forecast and stress scenarios. 

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