The amount households owe, relative to their income, crept higher in the second quarter, even as mortgage borrowing continued to slow, Statistics Canada said. The agency said Friday credit market debt as a proportion of household disposable income increased to 169.1 per cent as growth in debt outpaced income. In other words, Canadians owed $1.69 in credit market debt for every dollar of household disposable income. Meanwhile, rates charged for variable rate mortgages have also climbed as the Bank of Canada has raised its key interest rate target. On an unadjusted basis, household credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, totalled $2.16 trillion.

Source: CBC News September 14, 2018 14:46 UTC