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

VIDEO: Chilliwack arson victim lights up rural property like a runway

Chris Thompson had enough after twice having barns torched in suspicious circumstances

Car giveaway set for MEI on Friday

One lucky alumni member will receive a new Mazda 3

How would crowded Fraser Valley hospitals deal with patient surge? Officials won’t say

Amid coronavirus case and crowding issues, health officials won’t say where more patients would go

Sasquatch Mountain Aussie Day celebration raises $800

Proceeds of bikini runs, toonie tosses and more go to wildfire victims

Abbotsford Police issue 81 speeding tickets in school zones over 2 days

‘30 in 30’ traffic-enforcement blitz took place last Thursday and Friday

B.C. reports first coronavirus in Vancouver region

First patient visited Wuhan, China, reported symptoms

Bystander who tried to help dog being attacked not liable for its death: B.C. tribunal

Owner of dog killed tried to get $5,000 in damages from man who tried to save it

INFOGRAPHIC: See how fast your B.C. city grew in 2019

The province’s fastest-growing municipalities were located on Vancouver Island

Landowner hearings begin for Trans Mountain expansion in Alberta

Detailed route talks start in Spruce Grove, in B.C. communities soon

VIDEO: Canada looking to help 126 Canadians quarantined in China for coronavirus

China has confirmed more than 4,500 cases of the new virus, with more than 100 deaths

Alessia Cara to host and perform at 2020 Juno Awards

Multi-platinum Canadian singer-songwriter also up for six awards, including Artist of the Year

Watch out for scams, clickbait in the wake of Kobe Bryant’s death: Better Business Bureau

Kobe Bryant and his daughter were killed in a helicopter crash near Los Angeles

Surrey massage therapist suspended for reading books on cellphone during treatments

Investigation sparked by patient who was concerned she’d been photographed

‘Very disrespectful’: Headstones at Okanagan cemetery damaged by excavation crew

Headstones at Enderby’s Cliffside Cemetery mistakenly driven over by excavation crew

Most Read