Further sharing the knowledge and expertise of credit unions with all Albertans, Alberta Central’s Chief Economist Charles St-Arnaud was recently quoted in the Financial Post, speaking about how some Canadians are struggling to manage their debt and what this could mean for Canada and Alberta’s economy in 2023. Click on the link above to read the full article, quoted below.
St-Arnaud says insolvencies are likely to rise in coming months as record levels of household debt, declining purchasing power because of decades-high inflation and the steep rise in interest rates put more pressure on household finances. As the economy slows further there is likely to be a rise in unemployment, he said, which will push more households into insolvency.
He also recently spoke to BNN Bloomberg about Canada’s housing market and the current affordability crisis. Watch the video here.