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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