Canada's renters are facing more financial stress than homeowners due to rising debt costs, as per the Bank of Canada's analysis. Renters, especially those without a mortgage, are struggling with arrears on credit card and auto loan payments. Homeowners with mortgages are handling the higher debt burden well, aided by increased home prices providing more equity. However, renewed mortgages in the future may lead to larger monthly payment increases. The central bank warns of potential risks to the financial system in case of an economic downturn.
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