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The canadian economy is currently in the biggest credit bubble in canadian history. We have followed the American way of huge credit card balances and huge motgages.
Credit Card Balances are up 458% in the last decade
Residential Mortgages are up 242% over the last decade
Personal Lines of Credit are up 820% over the last decade (WTF!)
If the price of oil drops dramatically Canada could be in a really sticky situation quite fast. Luckily this doesn't seem to be the trend as of now but you never know. Either way if we keep going the way we're going within a couple years from now Canada could really be in a mess.
Credit Card Balances are up 458% in the last decade
Residential Mortgages are up 242% over the last decade
Personal Lines of Credit are up 820% over the last decade (WTF!)
If the price of oil drops dramatically Canada could be in a really sticky situation quite fast. Luckily this doesn't seem to be the trend as of now but you never know. Either way if we keep going the way we're going within a couple years from now Canada could really be in a mess.
