Millennial households to triple by 2036

The number of millennial households in Canada will more than triple by 2036. Projections range from 5.5 million to 7 million millennial households in 2036, up from 1.7 million in 2011.

This is according to Long-term Household Growth Projections for Millennial Generation, a Research Insight that supplements our Long-term Household Projections — 2015 update. The millennial generation refers to people born between 1981 and 2001.

The report predicts that the number of couples with children will reach 29% of all millennial households by 2036. It also predicts that non-family millennial households of 2 or more people will decrease considerably. According to the report’s projections, 72% of millennial households will own their own homes by 2036.

Source: CMHC (projections) and adapted from Statistics Canada (population projection 2014)

In 2036, an estimated 60% of millennial households will live in single-detached houses, replacing apartments as the most common dwelling type.

Proportion of millennial generation dwellings by type, Canada

Source: CMHC (projections) and adapted from Statistics Canada (population projection 2014)

Credit Card Delinquencies Soar In Canada’s Oil Provinces

Canadians are increasingly putting it on plastic, but those in the recession-riddled oil patch are also increasingly having a hard time paying it off.

Ninety-day credit card delinquencies soared by 23 per cent in Alberta in the fourth quarter of 2016, compared to a year earlier, credit bureau TransUnion said Wednesday. They were up 22.7 per cent in Saskatchewan.

credit card delinquencies

TransUnion had earlier warned that the job slump in some western provinces would result in double-digit increases in credit card delinquencies, “a risk that current data confirm has indeed been realized,” the company said in its report.

A larger number of Canadians are using credit cards, and the total balance on those cards rose 3.3 per cent in the past year, to a total of $94.2 billion in the fourth quarter of 2016.

But the number of credit cards in use in Canada actually declined by some 814,000 over the past year, to 43.4 million cards. TransUnion suggested this has to do with greater customer loyalty to their existing cards.

“Some lenders appear to be increasing credit lines to their customers to capitalize on this loyalty effect,” TransUnion’s VP for product innovation and analytics, Chris Dias, said in a statement.

“We may expect more lenders to evaluate increasing credit lines to cardholders in response to this higher demand.”

non mortgage debt

Overall, TransUnion described Canadians’ non-mortgage debt situation as “sound,” but noted there is a risk of interest rates rising.

“However, this scenario has yet to deter the Canadian consumer, and we believe the far majority of them will be able to weather the impact of these increases,” TransUnion said.

-Huffington Post Canada