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

Researchers at UFV looking into effects of pandemic on activity and mental health

Survey is online now to gather data from people of all backgrounds on physical activity changes

Cyrus Centre takes Easter dinner on the road for youth

Centres in Abbotsford and Chilliwack preparing to deliver meals to their youth and families

Disinfectant wipes and sanitizer being stolen out of cars in Fraser Valley

RCMP reminding vehicle owners to remove all valuables from cars, even cleaning supplies

Visitors reminded to stay away from Cultus Lake Park as long weekend approaches

Despite the warm and sunny weather forecast for Easter weekend, Cultus Lake Park remains closed

PHOTOS: Teachers send ‘we miss you’ message to students via school parade in Chilliwack

Central elementary was one of several Chilliwack schools that held a parade for its students

COVID-19 death toll reaches 50 in B.C., while daily case count steadies

B.C. records 34 new cases in the province, bringing total active confirmed cases to 462

Reality TV show about bodybuilders still filming in Okanagan, amid COVID-19

Five bodybuilders from across the country flew to Kelowna to move into a house for a reality TV show

B.C.’s top doctor details prescription for safe long weekend

Yes, it includes hosting an online cooking show

Researchers to study whether plasma of recovered patients can treat COVID-19

Plasma is the liquid portion of the blood that contains the antibodies that protect against illness

B.C., Alberta health ministers urge public to stay home Easter weekend

Regional politicians, online petition calling for closure of provincial border to non-essential traffic

Human rights complaint over city’s Pride flag tossed out

Kari Simpson’s attempt to block Langley City’s flag raising has failed

Abbotsford prison has confirmed COVID-19 case

Pacific Regional Treatment Centre is the third prison in B.C. in one week to confirm case

Most Read