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

WEATHER: A mostly cloudy Monday in Langley

Environment Canada says rain is expected late afternoon

VIDEO: Giants toppled by visiting Hurricanes

Sunday afternoon play at Langley Events Centre saw a team from Lethbridge defeat Vancouver, 6-0

VIDEO: wet weather a boon to Langley salmon hatchery

Rain raises water levels enough for Nicomekl Enhancement Society to collect fish

VIDEO: Spartans men’s volleyball coach Josephson records 200th win

Former player with Langley-based Trinity Western University team has a .763 winning percentage

Statistically, Trinity Western Spartans women’s volleyball team played a great game against Manitoba. Also, they won

Langley-based team started with an opening set by hitting .731 and committing just one error.

Teen with cancer whose viral video urged Canadians to vote has died, uncle tweets

Maddison Yetman had been looking forward to voting in her first federal election since junior high school

Environmental and animal rights activists chain themselves to front doors of Kelowna bank

The group is protesting Interior Savings Credit Union’s support of Kelowna Ribfest

Cold, stormy winter forecast across much of Canada, The Weather Network predicts

In British Columbia temperatures will be slightly above normal and precipitation will be just below normal

Cell phone tickets worse tax grab than speed limits, SenseBC says

Distracted driving statistics questioned as B.C. tickets pile up

PHOTOS: Snoozing seal pup captures attention at White Rock Pier

Dozens of seals spent the day at White Rock’s iconic structure

VIDEO: Collision in Surrey breaks axle off SUV

Two people were reportedly sent to hospital

Rowing Canada, UVic investigate celebrated coach for harassment, abuse

Lily Copeland says she felt intimidated and trapped by Williams

Cleanup in the works after tanker truck fire leads to oil spill in B.C.’s Peace region

The province said the majority of the spilled oil likely burned away in the fire.

Most Read