In the final quarter of 2016, Canadians owed $2-trillion in consumer debt (credit, mortgage and non-mortgage loans). The ratio of debt to disposable income rose to 166.8%. That means for ever $1 Canadians have for spending, they owe $1.67 in debt.
65% of this debt is tied to mortgages.
This is being fueled by low lending rates and a red-hot housing market.
According to a survey by Equifax Canada, 46% of consumers are paying down their debt, while 37% are borrowing more.