Household debt eases but mortgages remain strong

Canadians owe $1.65 for each dollar of disposable income according to Statistics Canada with an increase in debt levels driven by mortgage borrowing.

The debt ratio for the first quarter of 2016 was 165.3 per cent, slightly below the 1.64 per cent of the fourth quarter of 2015 but still near the record high.

Mortgage borrowing, which accounted for 65.6 per cent of total consumer credit, continued the upward trend which began in the first quarter of 2010 to reach $1.268 billion.

On a seasonally-adjusted basis, mortgage borrowing in the first quarter was $17.5 billion (total borrowing was $24.4 billion) and was down slightly from the last quarter of 2015 ($20.7 billion.)

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

Market update:

Investment Hot Spots:
Bruce, Grosse Isle, Voglers Cove, Bancroft, Argyle

Get help choosing the best mortgage rate

Just fill in a few details, and we'll arrange for a Mortgage adviser to help you find the best mortgage for your needs

  • How soon do you want a mortgage?
  • Name
  • Where do you live?
  • Phone number
  • E-mail address


Is a T.O foreign sales tax a good idea?