Building on our original article published in November 2020, we update our tracking of household debt payment deferrals through to December 2020. The original article provides additional details on the characteristics of debt payment deferrals by borrowers.
As of the end of December, the vast majority of deferrals had ended, and most borrowers with expired deferrals had resumed regular payments. This was seen across all types of consumer loans and across renters and homeowners.
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: December 2020
Chart 2: Status of payment deferrals
Note: HELOCs are home equity lines of credit.
Sources: TransUnion and Bank of Canada calculationsLast observation: December 2020
Chart 3a: Share of accounts at least 30 days behind in payments
Chart 3b: Share of expired deferrals at least 30 days behind in payments
Note: HELOCs are home equity lines of credit.
Sources: TransUnion and Bank of Canada calculationsLast observation: December 2020