What is the average canadian mortgage debt

Non-mortgage credit was up slightly in April but still remains below pre-pandemic levels. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

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A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Financial Post Top Stories will soon be in your inbox. We encountered an issue signing you up. Please try again. This website uses cookies to personalize your content including ads , and allows us to analyze our traffic.

Read more about cookies here. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. Register Now. FP CryptoDecoded: Join us at our free crypto and blockchain events. Manage Print Subscription. A surge in mortgage borrowing is pushing consumer debt loads higher in Canada despite falling credit card use, as households plow more money into their homes while spending less on everything else.

New mortgage borrowing rose 41 per cent in the first quarter compared to the same period in , when the pandemic began, according to a release Tuesday from consumer credit reporting firm Equifax Inc. With a number of provinces going in and out of lockdown throughout the past 15 months, Canadians have also had fewer opportunities to spend on everything from restaurants to clothes to entertainment.

A higher savings rate, combined with emergency income support from the government, has played into the housing boom while also helping consumers pay down their credit card debts. Signs are starting to emerge that the housing market is slowing after hitting a peak in March, though activity still remains well above historic norms.