Alberta, the province forecast to turbocharge Canada’s economy in the coming years, is celebrating its newfound status as the nation’s star sprinter, while simultaneously wheezing through the highest credit delinquency rate in the country, according to a new TransUnion report released Tuesday.
The delinquency rate jumped from 2.21% to 2.31%, a feat analysts described as “impressive in a worrying sort of way,” easily outpacing the national rate of 1.77%. The report notes that rising unemployment is the key driver, reversing years of improvement and prompting economists to wonder if Alberta is trying to win some kind of economic decathlon where you excel in growth but face-plant in personal finance.
Provincial officials insist the situation is “totally manageable,” adding that Alberta remains committed to leading the nation, ideally in something other than missed payments.
