Canadian Household Debt Still on the Rise

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Household Debt Rising

Household Debt is now bigger than Canada’s GDP.

Household debt in Canada continued to increase for the second quarter of 2016 and as a result this debt has surpassed the current Canadian GDP. A look at some of the recent data from Statistics Canada for this year shows an increase in the first two quarters.

2016 Household Debt Levels

  • 2016 Quarter 1: 98.7
  • 2016 Quarter 2: 100.5

The recent mortgage rules change seems to have made a slight change in the overall mortgage rates. Mortgage rates in Canada have stopped increasing. The level of mortgage rates to household debt is at 65.6%, according to the latest data from Statistics Canada.

Once again, we are seeing that credit debt is increasing slightly higher on average over Canadians increase in disposable income, leading Canadians to increase their overall debt levels. Credit Debt  increased by 2%, while the average disposable income increased by 0.5%

2016 Household Debt to Disposable Income

  • 2016 Quarter 1: 167.37
  • 2016 Quarter 2: 169.85

Essentially what we are seeing is that for every $1 Canadians earn, they are spending $1.70. This has yet again increased over last year’s data which according to StatsCan for 2014 fourth quarter, Canadian debt to income ratio is was 163.3%,

While the Average Canadian Debt is rising, looking for ways to help curb your spending, reduce your debt and work to save more for your future can be a good start to re-structure your financial future. If you find you are at a point where you are not sure what to do about your financial situation and your debt is getting out of hand, it may be time to get professional advice from a Trustee. Call our offices at (416) 498-9200 for a free initial consultation. We can help find the best solution for your particular situation.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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