Canada’s mortgage debt reached about $2.4 trillion, equal to roughly 73% of GDP and about 74% of total household debt.
Higher credit reliance appears about two years before default, as households increasingly depend on credit cards and lines of credit.
Delinquencies on other credit products rise earlier, especially credit cards, auto loans, and home equity lines of credit.
Financial stress accelerates six months before default, with rising credit utilization and more frequent missed payments.
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