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BoC On Household Financial Health

CANADA
  • The Bank opted not to include a revised version of April’s box with mortgage servicing costs under market pricing (with pricing heading into this meeting offering at least 100bp fewer cuts than in April).
  • Instead, there was a more detailed look at household financial health, which noted that “the financial positions of many households remain healthy, due in part to strong labour markets and the buildup of large liquid savings since the beginning of the COVID-19 pandemic”, unlikely to see severe financial stress or have disproportionately large effects on their spending from higher rates.
  • “There is, however, a smaller portion of households who are experiencing considerable financial stress. While most indicators of household financial stress remain below pre-pandemic levels, there are signs that some households are relying more on credit card debt, and some have fallen behind on their payments.”
  • Expect more questions in the Q&A on macro implications for such pressures.
  • See box three: https://static.bankofcanada.ca/uploads/pdf/mpr-2023-07-12.pdf
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