Household debt ratio rises to 170.7 per cent, StatCan says
OTTAWA -- Statistics Canada says Canadian households owed an average of $1.71 for every dollar of disposable income in the third quarter.
The agency says that household debt as a percentage of disposable income rose to 170.7 per cent in the third quarter, up from 162.8 per cent in the second quarter.
The ratio was still below the $1.81 households owed for every dollar of their disposable income in the fourth quarter of 2019.
Statistics Canada says that while credit market debt increased by 1.6 per cent in the third quarter, household disposable incomes fell 3.1 per cent as Canadians recovered from job losses during the COVID-19 pandemic.
The agency says household savings remained high during the quarter at $56.8 billion, down from a record of $90.1 billion in the second quarter, as fewer Canadians used income supports and payment deferrals.
Meanwhile, Statistics Canada says there was a record increase in mortgage borrowing and housing investment hit its highest point on record as the cost of borrowing hovered at all-time lows.
- Statistics Canada says key household debt ratio rose in the first quarter
- Average Canadian debt rose 2.7 per cent to $72,950, says Equifax Canada
- More than 60 per cent of Canadian households carry debt
- Statistics Canada says manufacturing sales fell 2.0 per cent in August
- Statistics Canada says retail sales rose 0.6 per cent in July
- Mississauga and Brampton residents can expect changes to garbage collection
- Health Canada issues major recalls for products at Costco and various stores
- Drugs found at kids playland, 19 from Brampton busted as international trafficking ring smashed, police release all names
- COVID defiant gym stays open as Mississauga appears powerless
- ICU pressures mount as COVID fells younger people; Ottawa mulls India travel ban