While growth in this debt type is decelerating slightly, “it’s still one of the fastest (if not the fastest) segments of credit growth,” according to an analysis by housing information portal Better Dwelling.

As challengers work hard to disrupt payments solutions and other traditional financial transactions including mortgages, a new survey from EY shows that there has been a 32% rise in the use of FinTech in Canada over the past two years 

While automatic bank payments for strata fees are practical for monthly fees, inexpensive to manage and reduce the risk of lost cheques or unreported cash payments, they can be abused by councils and managers who do not follow the enforcement conditions of the Strata Property Act.