The consumer credit picture in Canada remained sound to close 2016. Canadian consumers saw average non-mortgage debt balances rise by 2.18% between Q4 2015 and Q4 2016. As debt rose, consumer-level non-mortgage delinquency rates dropped nearly 2% in 2016, from 2.70% in Q4 2015 to 2.65% in Q4 2016.
TransUnion also found that the number of open and active credit cards in use by Canadians declined by more than 800,000 during 2016. Despite fewer credit cards in the market, more Canadians are actually using card credit, resulting in an increase in total outstanding balances of 3.3% in the last year, from $91.2 billion in Q4 2015 to $94.2 billion in Q4 2016.
– Chris Dias, senior vice president of product innovation and analytics, TransUnion Canada