Bank lending conditions in Canada are as tight as during the financial crisis, warns one economist. Read more
“I am certainly getting vibes … in the market and in the business contacts that the credit crunch, or at least a credit squeeze, is beginning,” Chicago Fed president Austan Goolsbee told Yahoo! Finance last week., but is still the tightest since the start of the COVID-19 crisis. The net balance of 11 per cent of financial institutions reporting a tightening of lending standards to businesses was up from four per cent in the previous quarter.
Much of it is price, reflecting the steep climb in interest rates after the Bank of Canada’s aggressive hiking last year. But conditions other than price have also been tightened. Consumer lending, apart from mortgages, also tightened, with a net 12 per cent of banks reporting tighter conditions, also the highest since the survey started in 2017.Article contentCapital Economics said focusing only on lending standards and credit spreads may give a false sense of comfort about the shape of the financial system.
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Posthaste: Borrowing is getting tougher, especially for Canadian householdsBank lending conditions in Canada are as tight as during the financial crisis, warns one economist. Read more
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Posthaste: Borrowing is getting tougher, especially for Canadian householdsBank lending conditions in Canada are as tight as during the financial crisis, warns one economist. Read more
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