National

BOC raises concern that debt poses to Cdn economy

Darpan News Desk The Canadian Press, 18 May, 2023 10:13 AM

The Bank of Canada is growing more concerned about the risks that high household debt pose to Canada's financial system.

WATCH: Governor Macklem and Senior Deputy Governor Rogers take questions from the media following the release of the Financial System Review.https://t.co/wcXIiWJUy0 #economy #cdnecon
— Bank of Canada (@bankofcanada) May 18, 2023

It says higher borrowing costs mean more households will likely face financial pressure going forward, while falling home prices have reduced homeowner equity.

The central bank is also warning that financial stability could be threatened by a potential major cyber attack and more frequent extreme weather events associated with climate change.

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