TransUnion's latest Q3 2025 Credit Industry Insights Report reveals significant shifts in Canada's credit market. Total consumer debt reached $2.6 trillion, driven primarily by increased mortgage balances amid falling interest rates. Mortgage originations jumped 18% year-over-year, with many Canadians opting for shorter-term fixed mortgages to take advantage of lower rates and refinancing opportunities. However, the report highlights growing geographic disparities in credit performance, as late-stage delinquencies rose sharply in Ontario, Alberta, and Quebec, despite early-stage delinquencies declining overall. Non-mortgage debt also grew 4.3% to $673 billion, and the average non-mortgage balance per consumer rose to $27,100. Meanwhile, credit card originations declined, signaling a slowdown in that segment. TransUnion notes that while lenders face a more competitive landscape, the overall health of the Canadian credit market is weakening, as indicated by a drop in the Consumer Credit Industry Indicator compared to the previous year.