Canadian household debt rose fastest for three years in August

Data from the Bank of Canada shows that the level of debt in Canadian households rose by its fastest pace since 2012.

Total debt rose to $1.869 trillion in the month, that’s a 5.9 per cent annualized increase from July and five per cent higher than August 2014.

Interest rate cuts earlier this year are likely to be a factor in the increase.

Mortgage debt rose by 7.5 per cent annualized rate from July and was seven per cent higher than August 2014.

Other consumer debt, such as credit cards and auto loans were up just two per cent annualized. 

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