Globe and Mail article on debt The Globe and Mail reports in its Monday, June 17, edition that many investors believe that the economy has avoided a recession. The Globe's Brenda Bouw writes that Stenner Wealth Partners+ money manager Thane Stenner, however, believes that the recession has been delayed and when it does come, it could be worse than people think. Mr. Stenner is particularly concerned about Canada's economy due to the soaring household debt levels. According to a recent report by Canada Mortgage and Housing Corp., Canada has the highest level of household debt among G7 countries, with three-quarters of the debt being from mortgages. The Bank of Canada has also warned that homeowners who are due to renew their mortgages over the coming years will face steep jumps in payments. Additionally, Mr. Stenner points to worrisome economic data, such as an increase in insolvencies and the combination of surging condo listings and a drop in sales in major cities, including Toronto. Despite interest rates starting to come down in Canada, Mr. Stenner does not see them returning to the historically low levels before hikes began in 2022. He says, "There's a wall of debt that has to be refinanced, and we're not ready for it, in my opinion."