Household Debt Rising Again

The Bank of Canada (BoC) data reveals household credit is on the rise and household debt reached a new all-time high in December 2019. However, the rise in growth is due almost entirely to mortgages. The outstanding balance reached $2.27 trillion in December, up 0.62% from a month before and a 4.2% increase compared to the same month last year.

Mortgage credit outstanding represented $1.63 trillion of the total outstanding debt in December 2019. Other types of credit are less attractive to households right now. Other reported consumer debt represents $641 billion of December’s outstanding amount, up only 0.31% from a month before.
Some feel the rise in mortgage debt is a result of Canadians experiencing FOMO (fear of missing out). Are they accessing their equity to have cash on hand in case there is an economic downturn? What are your thoughts?