TransUnion's Q3 2024 Credit Industry Insights Report, released on November 26, 2024, revealed that total consumer credit debt in Canada reached a record $2.5 trillion, marking a 4.1% year-over-year increase. The number of Canadians with at least one credit product rose to 32.2 million, a 3.1% increase.
New origination volumes increased 5.3% year-over-year, leading to $123 billion in new outstanding balances, with all major credit products seeing healthy growth except for lines of credit. However, serious delinquencies rose 17 basis points to 1.73% year-over-year, primarily due to missed payments on non-mortgage products.
For 2025, TransUnion forecasts mixed credit market activity but an optimistic outlook, anticipating lower interest rates and inflation to ease pressure on consumers. The report emphasizes the need for lenders to monitor vulnerable consumers and leverage enhanced data and analytics to drive trust and loyalty.
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