As a possible recession continues to loom amidst soaring costs of living and increased interest rates, RBC economists say unemployment could climb to 6.6 per cent by early 2024 while consumer insolvencies are projected to increase almost 30 per cent in the next three years.
is based on findings that improvements to the financial situations of Canadians that occurred in the early stages of the pandemic -- a result of massive pandemic-related support measures from the government -- are now drying up, with debt climbing amidst a softening economy and increasing interest rates.
As the cost of living continues to soar, RBC anticipates mortgage delinquencies to rise by more than a third of current levels over the coming year. Over the next three years, consumer insolvencies would return to pre-pandemic levels, Hogue and Liu said. Financial improvements such as these were largely due to government support programs such as the CERB and CRB, but these measures only provided a financial Band-Aid to a much deeper economic wound, as a “booming housing market put mortgage debt on a fast track,” the authors wrote.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
2024 Toyota Tacoma leaks on website for enthusiastsAn enthusiast apparently opened an online back door on Toyota's web presence for the upcoming 2024 Toyota Tacoma midsize pickup and on Saturday shared an image of the vehicle in an online forum.
Read more »
New photos of Tesla Cybertruck appearNew photos of Tesla Cybertruck appear — via drivingdotca PickupTrucks NewVehicles Tesla Cybertruck
Read more »
New photos of Tesla Cybertruck appearNew photos of Tesla Cybertruck appear — via drivingdotca PickupTrucks NewVehicles Tesla Cybertruck
Read more »
New photos of Tesla Cybertruck appearNew photos of Tesla Cybertruck appear — via drivingdotca PickupTrucks NewVehicles Tesla Cybertruck
Read more »
New photos of Tesla Cybertruck appearNew photos of Tesla Cybertruck appear — via drivingdotca PickupTrucks NewVehicles Tesla Cybertruck
Read more »
Mars Mission: U of A researcher part of team selecting 30 rocks from the Red PlanetHerd, curator of the U of A\u0027s Meteorite collection, is helping choose which rocks NASA’s rover Perseverance will gather to bring back to Earth.
Read more »