Household debt ratio grew in Q2 as debt increased faster than income

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OTTAWA — Statistics Canada says the amount owed by Canadians compared with disposable income increased in the second quarter as the amount they owe grew faster than their income.

The agency says the ratio of household credit market debt to disposable income climbed to 164.6 per cent from 163.0 per cent in the first quarter.

That means Canadians owed nearly $1.65 in credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, for every dollar of disposable income.

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Overall, total household credit market debt amounted to $1.874 trillion at the end of the second quarter, up 1.8 per cent from the previous quarter. Disposable income increased by 0.8 per cent.

Household net worth increased 0.9 per cent in the second quarter as non-financial assets, primarily real estate, rose 1.8 per cent while net financial assets edged down 0.1 per cent.

On a per capita basis, household net worth increased to $243,800.

 

The Canadian Press

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