Canadian household debt creeps up to another record in fourth quarter
Posted March 15, 2017 9:40 am.
Last Updated March 15, 2017 9:47 am.
This article is more than 5 years old.
The amount Canadians owe compared with how much they earn has hit another record high.
Statistics Canada says the amount of household credit market debt crept to 167.3 per cent of adjusted household disposable income in the fourth quarter, up from 166.8 per cent in the third quarter.
That means there was $1.67 in credit market debt for every dollar of adjusted household disposable income.
The increase came as income rose by 1.1 per cent, while household credit market debt gained 1.2 per cent.
Total household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, totalled nearly $2.029 trillion in the final quarter of last year.
Mortgage debt accounted for 65.5 per cent of the total.
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