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. 

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:

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

Industry news

Submit a press release


Do you invest in commercial properties?