Younger households, which tend to be net borrowers, have gained while older households, which tend to be net savers, have lost at a time when many countries have introduced pension reforms affecting the benefits of pensioners Rising asset prices prompted by monetary easing could potentially offset this effect.
Here at home, these measures also included a borrower-level mortgage stress test to ensure Canadians could continue to afford their homes when interest rates rose. And, importantly, we are not expecting a severe economic downturn with the kind of large job losses typical of past recessions. This is not to minimize the very real hardship that some are feeling.