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.

Just Posted

Perseverance Week major opportunity for Cumberland Forest

The Cumberland Community Forest Society (CCFS) has been presented with an incredible… Continue reading

Comox Valley gives back

Groups, businesses and individuals helping others in the Comox Valley

ELECTION 2019: NDP’s Gord Johns re-elected in Courtenay-Alberni

Conservative Byron Horner finishes second, with Green Party’s Sean Wood third

Rachel Blaney ‘humbled’ as NDP incumbent earns second term

Blaney will remain MP in North Island-Powell River riding

Trudeau has won the most seats — but not a majority. What happens next?

Trudeau will have to deal with some of the implications of Monday’s result

VIDEO: Is the stethoscope dying? High-tech options pose threat

World-renowned cardiologist believes the device is just a pair of ‘rubber tubes’

VIDEO: Chill with polar bears through an Arctic live cam

Cam reopens just ahead of Polar Bear Week

Aquilini companies deny negligence in U.S. vineyard fire that killed two kids

Fire occurred at Red Mountain Vineyard, located in southeast Washington State

Surrey cop killer gets new parole conditions

Surrey RCMP Constable Roger Pierlet, 23, was shot dead on March 29, 1974

Former Kelowna Hells Angels associate could be deported, court rules

David Revell has lost his fight against deportation from Canada

Alcohol available onboard BC Ferries starting Thursday

Beer and wine sales begin at 11 a.m. on select Tsawwassen-Swartz Bay sailings

Comox Valley rugby players help UBC Thunderbirds win school’s first-ever Canwest championship

A couple of former Vanier Towhees helped the UBC Thunderbirds achieve their… Continue reading

‘Find Trevor’: B.C. man’s dog leads searchers to rescue him after fall during hike

‘I’ve had lots of intelligent dogs, but Purple is in a class herself’

Most Read