CMHC says Canadians debt levels hit record highs at end of last year

CMHC says debt levels are increasing for older consumers

Canada Mortgage and Housing Corp. says household debt reached a record high at the end of last year while mortgage activity slowed compared to a year earlier.

The federal housing agency says the debt to income ratio of Canadians hit a record high of 178.5 per cent in the fourth quarter last year as mortgage holders continued to take on non-mortgage debt.

CMHC says debt levels rose as average balances for credit cards and lines of credit grew at a faster pace than in 2017, especially in Vancouver, Edmonton and Toronto.

VIDEO: Education, enforcement aimed at B.C. landlord, tenant infractions

It says debt levels rose even as average home prices fell after interest rates rose slightly, economic growth slowed and new mortgage regulations came into place.

For new loans, the average value was 3.8 per cent lower than a year ago, while the average value of all mortgages rose 3.1 per cent to $209,570 in the quarter.

CMHC says debt levels are increasing for older consumers, as the share of mortgage holders aged 55 and older continued to grow.

READ MORE: CMHC says overall housing market no longer highly vulnerable after prices ease

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Thornhill’s future takes centre stage at June 2 public hearing

The current community plan was adopted in 1981

Class will look different at Coast Mountain College this September

The college is embracing a distributed learning model

City council considers easing food truck restriction

Food trucks limited to four hours public parking, may increase to six hours

VIDEO: Injured bald eagle rescued in B.C. First Nations community

Bird suspected injured in fight, whisked off to Coquitlam rehab

Facing changes together: your community, your journalists

The COVID-19 pandemic has changed the world in ways that would have… Continue reading

Toronto Raptors’ Ujiri says conversations about racism can no longer be avoided

Thousands have protested Floyd’s death and repeated police killings of black men across the United States

B.C.’s Central Kootenay region declares state of emergency, issues evacuation orders

The evacuation alert covers all areas except the Cities of Castelgar and Nelson

‘I’m afraid’: Witnesses of wolf attack on senior near Prince Rupert worried about safety

Frank Russ shows where the unprovoked wolf attacked his father

Introducing the West Coast Traveller: A voyage of the mind

Top armchair travel content for Alaska, Yukon, BC, Alberta, Washington, Oregon and California!

Protesters prepare to rally against racism in front of Vancouver Art Gallery

Rally is in response to the deaths of black Americans and a Toronto woman

Protesters rally against anti-black, Indigenous racism in Toronto

Police estimated the crowd to be between 3,500 and 4,000 and said there was no violence

Feds earmark $1.5M to support recovery of B.C., Indigenous tourism

B.C. money will be split between Vancouver Island and Indigenous tourism

Most Read