Gross consumer lending in Canada portrays consistent growth in 2022, recovering more fully to pre-pandemic levels. As the unemployment rate continues to decline and lenders use more aggressive strategies, the demand and supply of loans remains high, increasing both consumer credit gross lending and outstanding balance.
The search and application for loans, mortgage and credit cards online is on the rise in 2022, illustrating the willingness and ability of consumers to transact digitally. Some characteristics of fintech lending, such as easy access to information and financial tools, and faster access to funds once the application is submitted and approved, make it appealing to borrowers.
Despite high housing prices, applications for mortgages are on the rise in 2022. This growth is led by first time home buyers, namely Gen Z consumers, accounting for almost a third of new mortgage accounts.
The amount of new credit issued and newly originated balances across all lending products has shown a significant increase in the first semester of 2022. This suggests that lenders are relaxing pandemic-related measures of risk to attract new clients and grow their portfolio and balances.
The outlook for consumer lending in Canada is favourable, with gross lending and the outstanding balance expected to increase steadily in current value terms throughout the forecast period. However, interest rate hikes and the higher cost of living may temper growth in gross lending to some extent.
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Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.See All of Our Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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