Statistics Canada says key household debt ratio rose in the first quarter
OTTAWA -- Statistics Canada says a key measure of household debt rose in the first quarter as the COVID-19 pandemic began to take hold of the economy.
The agency says that household credit market debt as a proportion of household disposable income rose to 176.9 per cent from 175.6 per cent.
In other words, there was $1.77 in credit market debt for every dollar of household disposable income.
Statistics Canada added that annual trends show that lower income households tended to have a higher debt to disposable income ratio.
Overall, it says credit market debt totalled $2.33 trillion at the end of the quarter including $1.53 trillion in mortgage debt and $802.1 billion in consumer credit and non-mortgage loans.
The household debt service ratio -- measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income -- fell to 14.67 per cent from 14.81 per cent.
- Household debt ratio rises to 170.7 per cent, StatCan says
- Average Canadian debt rose 2.7 per cent to $72,950, says Equifax Canada
- More than 60 per cent of Canadian households carry debt
- Bank of Canada keeping close eye on household debt as pandemic drags on, deputy says
- Canadians taking steps to avoid credit card debt, despite economic pressure
- Pearson Airport in Mississauga welcome 19 international and 13 domestic flights with COVID-19
- Special weather statement in effect for Mississauga and Brampton
- International travelers are walking out of Mississauga's Pearson Airport and ignoring quarantine rules
- Ontario ticket holder wins $70 million Lotto Max jackpot
- Police responding to male with firearm in Mississauga convenience store