• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

  • Our Company
    • Why Use Us
    • David Wood
  • Solutions
    • Personal Solutions
      • Alternatives to Bankruptcy
      • Consumer Proposal
      • Division 1 Proposal
      • Personal Bankruptcy
      • Proposal Comparison
    • Corporate Solutions
      • Bankruptcy
      • Debt Restructuring
      • Informal Workouts
      • Creditor Proposal
      • Receiverships
      • Liquidator Strata Wind Ups
      • Court Appointed Administrators
  • Resources
    • Forms
    • Newsletter
      • Newsletter Archive
    • Social Media
    • Media
    • FAQ
    • Articles
    • CAIRP
    • Privacy Policy
  • Blog
  • Ask a Trustee
    • Submit your Question
  • Locations
    • Free Initial Consultation
    • Vancouver Office
    • Coquitlam Office
    • Surrey Office
    • Sunshine Coast Office
    • Yukon Territory
    • Sitemap

Canadian Household Debt Hits New Level

December 15, 2014 by admin

It’s a story that never seems to get any better.  The latest numbers from Statistics Canada show that household debt in Canada hit record levels in the 3rd Quarter of 2014.  The figures are reported in the latest edition of The Daily from Statistics Canada.

Despite gains in household net worth, households in Canada hold roughly $1.63 in credit market debt for every dollar in disposable income.

According to Stats Can:

Households borrowed $27.4 billion in the third quarter, principally mortgages. Total household credit market debt (consumer credit, mortgage, and non-mortgage loans) rose 1.5% to $1,805 billion at the end of the third quarter, matching the gain of the previous quarter. Consumer credit debt increased 0.9% to $515 billion, while mortgage debt was up 1.8% to $1,171 billion.

Disposable income increased at a slower rate than household credit market debt in the third quarter. As a result, leverage, as measured by household credit market debt to disposable income, reached 162.6% in the third quarter, versus a revised 161.5% in the previous quarter. In other words, households held roughly $1.63 of credit market debt for every dollar of disposable income in the third quarter. The household credit market debt to disposable income ratio was revised downward, from the first quarter of 2011 to the second quarter of 2014, as part of the regular national balance sheet and financial flow accounts annual revision process. The revision was due to new information received that led to a downward revision to the value of mortgages owed by households.  (source, Stats Can)

 

Household sector leverage indicators

cg141215a002-eng

 

If your debt is overwhelming you – contact the professionals at Boale Wood for a free consultation.

Articles,  Blog,  debt

Primary Sidebar

We Can Help.

Call now:
Phone: (604) 605-3335
Toll Free: (888) 850-6585
or use the Contact Form

We have offices located in Vancouver, Surrey, Coquitlam, and on the Sunshine Coast in Sechelt. We also provide services to residents and businesses in the Yukon Territory.

 

Looking for Forms?

We have a number of forms available for download here.

Footer

  • Email
  • Facebook
  • LinkedIn
  • Twitter