RBC report says \u0027burden\u0027 of debt payments will only increase in 2023
That will have an across-the-board impact on Canadians who piled on mortgage debt during the pandemic to the tune of an average of $150 billion per year between 2020 and 2021, according to the Royal Bank note.
In the fourth quarter of 2021, that group spent 22 per cent of its after-tax funds servicing debt payments, including mortgage principle and interest payments.Article content “Lower income Canadians will also see their debt service ratio increase much faster through 2023 — at twice the speed of the highest income households,” Fan, Janzen and Powell wrote.
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