From military service to mortgage success: How Philippe Gauvin found his perfect calling + MORE Jun 24th

Learn more about Canadian mortgage rates, rules and the latest news – read on!

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Mortgage payments are easing overall, but many face renewal stress, TD says + MORE Jul 11th

High-rate renewals are squeezing budgets, but rate cuts and short-term mortgage resets are easing the burden in aggregate, TD Economics says.... More »

The best 5-year fixed mortgage rates in Canada Mar 22nd

Mortgage rate comparison tool Customize the filters to compare rate types and terms. powered by Why trust us MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance .... More »

Making sense of the markets this week: September 24, 2023 + MORE Sep 23rd

Allan Small, Senior Investment Advisor at the Allan Small Financial Group with iA Private Wealth, shares financial headlines and offers context for Canadian investors. No surprise: Canada’s inflation rate ticked up in August Canada’s annual inflation rate jumped to 4% in August, up from 3..... More »

Prime rate falls to 6.70%, making variable rate mortgages more attractive + MORE Jul 26th

Variable-rate mortgage holders received positive news on Wednesday as major lenders reduced their prime rate following the Bank of Canada's rate cut earlier in the day..... More »

Opinion: When another refinance may be the wrong answer + MORE Jun 20th

As equity shrinks and household debt rises, some homeowners are finding that another mortgage may only delay a deeper financial reckoning..... More »

Canadian covered bonds retain high ratings despite market conditions: Fitch

– canadianmortgagetrends.com

With the current combination of high interest rates, inflationary pressures, and higher mortgage payments, one would expect Canada’s structured bonds to decline in rating.

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How much debt is normal in Canada? We break it down by age

– moneysense.ca

Debt seems to be a normal thing for Canadians these days. After a brief decline during the pandemic, the Canadian household debt-to-income ratio soared to 184.5% in the first quarter of 2023. That means Canadians owe nearly $1.85 for every dollar of disposable income.

The ballooning debt has been mainly driven by rising mortgage balances as demand pushed home prices to record levels across the country.

Does this mean the average Canadian is up to their eyeballs in debt? Not necessarily.

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What is the average debt for Canadians?

Let’s start by looking at the average consumer balance held across different credit products. This information comes from TransUnion’s Q1 2023 Credit Industry Insights report.

Debt typeAverage owedCredit cards$3,909Installment loans$20,845Auto loans$26,494Lines of credit$34,328Mortgages$349,178

Note, the numbers here represent the average consumer that carries a balance in these categories…

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