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Canadian consumer debt reaches record $3.29 trillion
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2026-08-11 19:24 UTC → 2026-08-25 15:06 UTC ·
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Canadian consumer debt and mortgage pressures reaches record $3.29 trillion
Canadian consumer debt has risen to reached record levels, with total household debt hitting approximately $3.29 trillion. While the overall growth rate of debt is slowing, the composition of borrowing is shifting toward consumer credit. Statistics Canada data indicates that consumer credit growth in June reached 0.87%, a year-over-year increase of 4.8%, which outpaces the growth rate of mortgage debt. Earlier data from Equifax Canada placed consumer debt at $2.66 trillion, marking a 3.8% annual increase over the previous year. This growth is driven significantly by Generation Z, with over 460,000 new credit product holders entering the market. While general delinquency rates are stabilizing, automobile loan delinquency rates remain higher than the national average due to rising vehicle costs and restrictive financing. Additionally, During that period, mortgage renewals are were placing heavy pressure on household budgets. A survey by Rates.ca indicates that budgets; 82% of Canadians who renewed mortgages those renewing since January faced higher borrowing costs, with most increases ranging between 2% and 4.99%. Approximately 45% of renewing households report reported that housing costs now consume half or more of their total budget, a trend budget. This was particularly acute among for homeowners aged 18 to 34. 34, where 90% renewed at higher rates. Financial stress is increasingly concentrated in Alberta, Saskatchewan, and Ontario. Debt growth is appearing at both ends of the credit spectrum: super-prime balances grew 6.5% year-over-year, while subprime balances increased 5.9%. This suggests that while some households are expanding their borrowing, others are facing increasing difficulty managing payments.
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- 2026-08-25 15:06 UTC Canadian consumer debt reaches record $3.29 trillion
- 2026-08-11 19:24 UTC Canadian consumer debt and mortgage pressures
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