CANADIAN HOUSEHOLD DEBT RISES

Mar 11, 2022

By Steve Kee

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Our household debt is increasing.

Statistics Canada says the ratio of household debt to disposable income hit a record level in the fourth quarter of 2021 as mortgage borrowing rose and disposable income fell.

The agency says on a seasonally adjusted basis that household credit market debt as a proportion of household disposable income rose to 186.2 per cent in the fourth quarter, meaning there was $1.86 in credit market debt for every dollar of household disposable income.

Statistics Canada says the ratio stood at 181.1 per cent at the end of 2019 before the pandemic, while the previous record high was in the third quarter of 2018 at 184.7 per cent.

The increase in the fourth quarter came as household credit market debt rose 1.9 per cent and household disposable income fell 1.3 per cent.

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