This translation has been automatically generated and has not been verified for accuracy.Saskatchewan households are showing signs of mounting financial distress as the province suffers from a prolonged bout of economic weakness, compounded by a global trade war that’s taken direct aim at its key exports.
Since 2014, the percentage of residential mortgages that are delinquent has roughly tripled to 0.86 per cent, according to the Canadian Bankers Association. The rate is near a 27-year high, and is easily the highest in the country. Back when oil prices were lofty, “people got very comfortable [thinking] we’re always going to make this amount of money,” said Pamela Meger, a Regina-based licensed insolvency trustee with MNP Ltd.Story continues below advertisement“When people panic, they look to higher-interest loans to try to avoid defaulting on the mortgage, and then that’s when this little cycle of debt starts,” Ms. Meger said.
“I think there’s a bit of a concern if you’re a lender in Saskatchewan … that it seems like [consumers are] having trouble pulling out” of their delinquencies, said Matthew Fabian, director of financial services research and consulting at TransUnion Canada. This year, China halted purchase of some Canadian agricultural products, notably canola seed. All told, the bans affect 6 per cent of Saskatchewan’s exports, an outsized impact relative to other provinces, RBC data show. Canola exports have plummeted, stockpiles have surged and prices are languishing, delivering pain to local farmers.
globemoney Welcome to the new normal? Thanks Trudeau!
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