Delinquency rates in Canada are rising, with Ontario hitting 2%. Despite this, banks are setting aside very little for credit losses. HELOC access is being cut without notice, mirroring 2008 U.S. trends. CIBC is offshoring jobs, and Hudson’s Bay is laying off over 8,000 workers. Meanwhile, banks are inflating stock prices via buybacks. Credit risk signals, like U.S. credit default swaps, are spiking—hinting at potential financial instability ahead.
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