According to CIBC, new and used car prices jumped 30% and 60%, respectively, from April 2020 to December 2022 From m_zadikian
Car loan delinquencies are rising as Canadians feel the sting of higher borrowing costs and inflation, a new report says.
"Delinquency rates for auto loans are now through pre-pandemic levels and likely heading higher in 2023," Paul Holden, an analyst at CIBC and lead author of the report, said on Wednesday. Auto loan delinquency rates reached two per cent in the third quarter last year, up from 1.7 per cent in the year prior and above the average of 1.8 per cent in the pre-pandemic years of 2018 and 2019.
With some household budgets stretched beyond their limit, Canadians are having to choose which debt payments they make and which ones they fall behind on.
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