Canadian savings rates are dropping. the past 12 months, they managed to save $15.62 billion though, a decline of 29.52% from the same period a year before. Households spent $5.82 billion in savings in Q2 2019, The rate of savings fell to negative 1.9% in Q2 2019 when households spent $5.82 billion in savings.
It’s worth pointing out that this is the quarter where real estate sales were also the highest, so a good portion of that negative print is likely going into down payments.
Reference: https://betterdwelling.com/canadian-households-are-saving-a-quarter-of-what-americans-do
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