Possible Loan Default Wave on the Horizon? Canada’s Big Banks Start Bracing for Economic Downturn

Possible Loan Default Wave on the Horizon? Canada’s Big Banks start Bracing for Economic Downturn - March, 2023

Canada's largest banks are preparing for an economic downturn, according to Global News on March 3rd, 2023.

They are putting more money away for a possible rise in credit losses.

All six banks reported a dip in profits in their first fiscal quarters as a result.

Higher interest rates and the possibility of job losses could catch up with households, and push a growing number into default, according to experts.

Angelo Melino, economics professor at the University of Toronto, says banks are noticing the uptick in bankruptcies as the pandemic-era stimulus dries up, and businesses are forced to reckon with the new operating environment.

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--- Note: this video is not real estate, legal, financial nor accounting/tax advice and should be used for entertainment purposes only. It may contain our own independent opinions which should not be considered as advice of any kind. Consult with your own real estate, legal, financial, accountant and/or tax advisor for specific advice related to your business or personal situation and needs.

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