OTTAWA—As the Bank of Canada raised its trend-setting interest rate to 5 percent on July 12, it noted that households are on average in better financial shape than some reports might suggest. 
Bank of Canada senior deputy governor Carolyn Rogers said the central bank wanted to take a “deeper dive” into the data when faced with reports like ones from insolvency firm MNP Ltd. that say that 52 percent of Canadians are $200 away or less from not being able to pay their monthly bills.
In an analysis of household financial wealth, the BoC said, “The financial positions of many households remain healthy, due in part to strong labour markets and the buildup of large liquid savings” since the start of the pandemic….