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.
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
~ 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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