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.

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