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Consumers adding to credit card, personal loan balances, TransUnion report says

Canadians are spending again, adding to credit card and personal loan balances and opening new mortgages, bringing the credit market closer to pre-pandemic levels, according to a new report from TransUnion.

“Consumers are reverting to pre-pandemic credit behaviours and lenders are actively seeking growth opportunities,” said Matt Fabian, director of financial services research and consulting at TransUnion, in a release. “Lenders have some catching up to do after the pandemic disrupted volumes and balances, and consumer demand is picking up.”Article content

On average, mortgage balances rose 10 per cent year-on-year to $320,835, TransUnion said. Balances on brand new mortgages rose 19 per cent compared to last year, to $386,026, reflecting rising home prices.

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