Credit reporting service Equifax Canada says demand for credit has increased for four quarters in a row in Western Canada, while demand in Eastern Canada continues to slow. Overall consumer debt (including mortgages) has risen slightly year over year from $1.4-trillion to $1.42-trillion.
Consumer demand for credit remains brisk over the last quarter rising 2.7% while bankruptcies are down and the overall delinquency rate (accounts past due over 90 days) is down 3.9%.
Year over year installment loans are up 11.8% while credit cards debt increased 4.8%. While more new credit cards have been issued over the last year on average consumers are carrying smaller balances.