Canadians Face Prolonged Economic Struggle Amid Recession and Rising Financial Stress

Despite avoiding a technical recession, Canadians experience a significant decline in living standards, with increasing concerns over mortgage defaults and financial pressures.

• Canada's per capita real GDP has declined, erasing gains since 2014 and indicating a nine-year recession for individuals.
• 18% of Canadians fear defaulting on mortgage or loan payments, with bankruptcy concerns also rising.
• A global rally in bonds and equities offsets real estate declines, boosting Canadians' household net worth.
• Household debt grows at the slowest pace in 30 years, but debt service remains at a historic high.
• Younger Canadians and those with lower incomes are disproportionately affected by the financial strain.

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