Over the last two days we got a bunch of data on Canada’s financial position, which showed the first rise in the household debt service ratio in six quarters…

… despite the second sequential drop in household credit demand - as mortgage activity slows.

Corporate credit demand remains healthy though, rising for the second straight quarter on increased bond issuance and expanding credit facilities…

… which have been a key funding source for continued expansion south of the border.

It’s this expansion that pushed the national net worth higher in Q2, offsetting a $26B decline in national wealth (non-financial asset value).