Canadian household debt reached a record high at the end of last year even as mortgage activity slowed, the Canada Mortgage and Housing Corp. said in a report out Wednesday.
The debt to income ratio of Canadians hit a record high of 178.5 per cent in the fourth quarter last year as mortgage holders continued to take on non-mortgage debt.
~ The Canadian Press, May 22, 2019
46% of Canadians $200 or less away from financial insolvency: poll
~ The Canadian Press
A survey shows that Albertans are faring worse than the rest of Canada when it comes to nonmortgage debt, despite recent growth in the economy.
“I think we absolutely should be concerned,” Jonathan Day, an Edmonton-based accountant with BDO said of the results. A high average of debt, he said, puts the economy under major instability, as even the most minor of crashes may lead to households collapsing and people unable to move forward with their debt payments.
~ StarMetro Edmonton
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