B.C. seeks ban on public drug use, dialing back decriminalization
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
Amid interest rate hikes and high inflation, more Canadians are turning to credit for relief, with consumer debt hitting a new record in the first quarter of 2023.
In a new report released Wednesday by TransUnion, the amount of outstanding debt that Canadians have amassed across all credit products has reached a new record of $2.32 trillion.
The number of Canadians with access to credit increased to 30.6 million, which is up 2.9 per cent from last year. Among existing credit debt, the volume of consumers adding additional credit products increased by 6.2 per cent. TransUnion says this is being driven by Gen Z consumers entering the credit market and new Canadians.
Higher credit balances drove minimum monthly payments higher and put pressure on consumers to use additional disposable income to cover payments in particular mortgages and lines of credit—which are vulnerable to interest rate changes.
The average line of credit monthly payment increased to $436, a 43 per cent increase year over year. While the average monthly mortgage payment rose to $2,032, a 15 per cent increase year over year.
The average payment for credit cards was 2.6 times over the minimum required. “This is a positive sign indicating healthy consumer behaviors towards their payment obligations,” said TransUnion’s press release.
The percentage of consumers past due on any account for 90 days or more, also referred to credit delinquency, increased by nine basis points to 1.57 per cent. The report notes that despite the increase, overall delinquency levels remain below pre-pandemic levels.
“As available disposable incomes become more stretched, we expect a segment of consumers will be more likely to miss payments, and as a result, that delinquency rates will rise,” said Matt Fabian, director of financial services research and consulting at TransUnion in Canada, in a press release Wednesday. “However, we expect any rise in delinquency rates to be moderate and in line with increased credit activity.”
TransUnions says it expects delinquency rates in Q1 of 2024 to be back to pre-pandemic levels at 2.19 per cent.
“Overall, the financial position of Canadian credit consumers improved coming out of the pandemic, bolstered by higher savings accumulated through the pandemic and supported by a strong labour market,” added Fabian.
The B.C. NDP has asked the federal government to recriminalize public drug use, marking a major shift in the province's approach to addressing the deadly overdose crisis.
More than 115 people who viewed the solar eclipse in Ontario earlier this month experienced eye damage after the event, according to eye doctors in the province.
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
A man has been handed a lengthy hunting ban and fined thousands of dollars for illegally killing a grizzly bear, B.C. conservation officers say.
Sophie Gregoire Trudeau says there is 'still so much love' between her and Prime Minister Justin Trudeau, as they navigate their post-separation relationship co-parenting their three children.
George Mallory is renowned for being one of the first British mountaineers to attempt to scale the dizzying heights of Mount Everest during the 1920s. Nearly a century later, newly digitized letters shed light on Mallory’s hopes and fears about ascending Everest.
An emergency slide fell off a Delta Air Lines jetliner shortly after takeoff Friday from New York, and pilots who felt a vibration in the plane circled back to land safely at JFK Airport.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
A girl and a boy, both 14 years old, made their first appearance today in a Halifax courtroom, where they each face a second-degree murder charge in the stabbing death of a 16-year-old high school student.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”
At 6'8" and 350 pounds, there is nothing typical about UBC offensive lineman Giovanni Manu, who was born in Tonga and went to high school in Pitt Meadows.