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Economic Viewpoint

How Has the Pandemic Afected Canadians Financial Situation across the Country

November 1, 2021
Hélène Bégin, Senior Economist, and Lorenzo Tessier-Moreau, Senior Economist

Canadians have experienced some upheavals in their finances due to the pandemic. The rise in mortgage debt has accelerated, but some types of loans, such as credit cards, saw a notable drop last year. The situation is not the same across the country, however, with total debt rising more in certain provinces and metropolitan areas. The value of assets increased significantly owing to the accumulation of savings, good financial market performance and soaring residential real estate prices. The bottom line is that net worth, in other words, total assets less total debt, improved in all parts of Canada in 2020. The first year of the pandemic was therefore a positive one, overall, for Canadians’ financial situation.