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

Disturbing find: Shuswap family seeking Christmas tree locates several animal carcasses

Black bear, a coyote and five deer found dumped in gravel pit west of Salmon Arm

Okanagan Water Board opens floodgates with call for grant applications

Water Conservation and Quality Improvement program open from Armstrong to Osoyoos

RCMP uncover meth in arrest of Sicamous woman linked to alleged pellet gun shooting

Police say methamphetamine and other drugs found in car driven by suspect

Chase clinic welcomes two doctors, new patients must go on wait list

Addition of doctors in January brings clinic back to a full complement

Snowfall warning issued for Coquihalla Highway

Up to 25 cm of snow is expected to fall in the region by Thursday

VIDEO: Octopus, bald eagle battle after bird ‘bites off more than it can chew’ in B.C. waters

B.C. crew films fight between the two feisty animals in Quatsino off north Vancouver Island

Raptors fans show Kawhi the love in his return to Toronto

Leonard receives championship ring, leads new club to win

Process to identify those killed in Gabriola plane crash could take days

Canadian flight museum suggests Alex Bahlsen of Mill Bay died in Tuesday’s crash

Vandalism closes public washrooms in Penticton’s Okanagan Lake Park indefinitely

A post by the city’s Facebook said the damage is ‘quite extensive’

Pawsative Pups: Help your dog love their crate

Lisa Davies is a new columnist for Black Press who writes about dog training

Spark Joy: The art of giving and receiving

Barb and Wendy at Simply Spark Joy help you to create a clutter free home on the Black Press Media

Coldstream surf shop welcomes winter with paddle

Winter Chill event Saturday, Dec. 21, on Kal Lake is ‘food’-raiser for food bank

‘Honest mistake:’ RCMP says B.C. cannabis shop can keep image of infamous Mountie

Sam Steele wearing military, not RCMP uniform in image depicted in Jimmy’s Cannabis window

B.C. conservation officers put down fawn blinded by pellet gun on Vancouver Island

Young deer found near construction site in Hammond Bay area in Nanaimo, B.C.

Most Read