CIBC Economics indicate that one of the drivers of high levels of household debt in Canada has been that Canadian families are subsidizing young people today who are having trouble finding work, and in your report you reference family debt. You say that slower growth of household credit and higher mortgage interest rates point to a gradual unwinding of household imbalances. It's $1.66 for every dollar of annual income that is now the level of family debt in Canada. It's still rising. I'm curious about your language, “gradual unwinding of household imbalances” when in fact family debt is still actually increasing. Wouldn't it be an unwinding if it were going down?
On October 29th, 2013. See this statement in context.