Household debt increased again in Q3

The level of household debt increased again in the third quarter of 2015. Statistics Canada has revealed that Canadians owed $1.63 for every dollar earned, a debt-to-income ratio of 163.7 per cent, up one percentage point from the second quarter. On a seasonally adjusted basis, households borrowed $19.4 billion in the third quarter, down $3.3 billion from the second quarter. Mortgages represented the largest portion of total borrowing in the quarter ($15.6 billion), down $0.9 billion from the previous quarter, while consumer credit accounted for $3.7 billion of borrowing. National wealth declined $190.4 billion to $9,205 billion at the end of the third quarter as resources dragged. The value of residential real estate rose by $48.7 billion. National net worth declined 1.3 per cent or $129.4 billion from the second quarter to $9,493 billion at the end of the third quarter.
 

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:
Massey, Bruce, Stittsville, Asphodel-Norwood, Barrhead County No. 11

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

Poll

Have your investment plans changed for 2017?