What is the highest source of household debt in Canada?

In 2020, Canadians owed $2.33 trillion in total. According to data from Q2 2020, mortgage debt ($1.55 billion) accounted for the major part of the total debt, with $802 billion in non-mortgage loans and consumer credit.

What is the debt ratio of Canadian households?

The reading means there was $1.86 in credit market debt for every dollar of household disposable income. Statistics Canada says the ratio stood at 181.1% at the end of 2019 before the pandemic, while the previous record high was in the third quarter of 2018 at 184.7%.

Does Canada have a lot of debt?

The average Canadian owes $8,500 in consumer debt, and that’s not even including their mortgage. And about 12% of Canadians have consumer debt over $25,000, while another 14% have debts between $10,000 and $24,999.

Why is Canadian household debt so high?

Why has household debt surged? As mentioned above, the debt bulge was predominantly fuelled by the boom in mortgage loans that accompanied the rapid house price acceleration witnessed since the beginning of the pandemic.

How much debt does the average Canadian have 2021?

How Much Debt Does The Average Canadian Owe?

Province Average Debt (Q3 2021) Delinquency Rate (Q3 2021)
Saskatchewan $22,630 1.15%
B.C. $21,283 0.77%
Western Region $22,448 1.02%
Canada $20,739 0.87%

Is Canadian debt too high?

In the fourth quarter of 2020, Statistics Canada found a 174% ratio of debt-to-income. This debt ratio has maintained this high since. The second quarter of 2021 saw the ratio at 173%. An 8.61% increase from the second quarter of 2020.

What percent of Canadians are debt free?

The survey found nearly one-third (32 per cent) of respondents reported having no debt, marking a five per cent increase from fall 2020, and an 11 point increase since the fall of 2019.

What is the average Canadian in debt?

The average consumer debt in Canada is hovering at about $20,739 (excluding mortgage debt); therefore, a two-person household could have close to $41,500 in debt.

How many Canadians own their homes outright?

Home Ownership Rate in Canada averaged 65.97 percent from 1997 until 2018, reaching an all time high of 68.55 percent in 2018 and a record low of 63.90 percent in 1999.

What is the average Canadian credit card debt?

Total debt up but average is down Equifax Canada says that total consumer debt was up 8% in the last three months of 2021 compared to the same period one year earlier. While Canadian consumers owed $2.2 trillion, the average person’s debt (excluding mortgages) fell 0.6% year-over-year to $20,686.