This article builds on our December 2020 update on household debt payment deferrals with data through to March 2021. The original article provides additional details on the characteristics of debt payment deferrals by borrowers.
The share of borrowers in arrears with expired deferrals has picked up since our last update and slightly exceeds arrears rates observed before the pandemic across all types of loans. However, most borrowers with expired deferrals have returned to making regular payments, and those in arrears account for only a small percentage of all loans.
We will continue to update this information periodically over the course of the pandemic.
Chart 1: Deferral rates by loan type
Note: HELOCs are home equity lines of credit.
Sources: TransUnion and Bank of Canada calculationsLast observation: March 2021
Chart 2: Status of payment deferrals
Note: HELOCs are home equity lines of credit.
Sources: TransUnion and Bank of Canada calculationsLast observation: March 2021
Chart 3a: Share of accounts at least 30 days behind in payment
Chart 3b: Share of expired deferrals at least 30 days behind in payment
Note: HELOCs are home equity lines of credit.
Sources: TransUnion and Bank of Canada calculationsLast observation: March 2021