CMHC says Canadians debt levels hit record highs at end of last year

CMHC says debt levels are increasing for older consumers

Canada Mortgage and Housing Corp. says household debt reached a record high at the end of last year while mortgage activity slowed compared to a year earlier.

The federal housing agency says 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.

CMHC says debt levels rose as average balances for credit cards and lines of credit grew at a faster pace than in 2017, especially in Vancouver, Edmonton and Toronto.

VIDEO: Education, enforcement aimed at B.C. landlord, tenant infractions

It says debt levels rose even as average home prices fell after interest rates rose slightly, economic growth slowed and new mortgage regulations came into place.

For new loans, the average value was 3.8 per cent lower than a year ago, while the average value of all mortgages rose 3.1 per cent to $209,570 in the quarter.

CMHC says debt levels are increasing for older consumers, as the share of mortgage holders aged 55 and older continued to grow.

READ MORE: CMHC says overall housing market no longer highly vulnerable after prices ease

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Kootenay doctor among 82 physicians, dentists calling on province for mandatory mask rule

Open letter says masks should be worn in indoor public spaces, public transportation or in crowds

Structures not threatened by wildfires burning in the Arrow and Kootenay Lakes region

Official says more lightning-caused fires could occur in region over next 36 hours

West Kootenay region experiences drier-than-normal July: Report

The region only received around 57% of its normal precipitation during the month

Feds fund $2M for habitat conservation in the Kootenays

Kootenay Connect to use funding for habitat conservation to protect four areas in the region

No new COVID cases in Kootenay-Boundary

As of July 30, there were no additional cases in the previous two weeks

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

Facebook launches its new TikTok clone, Instagram Reels

Facebook has a long tradition of cloning competitive services

B.C. Appeal Court prevents Victoria woman from using the term ‘death midwife’ in her job

Pashta MaryMoon claimed she had been providing “death-care services” for more than 40 years

‘We all have anxieties’: B.C.’s top doctor addresses return-to-school fears amid COVID-19

Dr. Bonnie Henry promises school restart plan safe for B.C. kids

Abbotsford mom worried about her two kids in Beirut following explosion

Shelley Beyak’s children were abducted by their dad in 2018

Young Canadians, hospitality workers bear the brunt of mental strain in 2020: report

A study by Morneau Shepell points to economic uncertainty in the pandemic as the cause for angst

Health Canada recalling more than 50 hand sanitizers in evolving list

Organization says to stop using products listed, and to consult a health-care professional

Airborne hot dog strikes Greater Victoria pedestrian

Police called to 4200-block of Quadra Street for hot dog incident

Most Read