Canadian households now owe more money as a percentage of the total economy than those in most developed nations, and mortgage debt is the biggest reason why, a new report says.
Canadian households now owe more money as a percentage of the total economy than those in most developed nations, and mortgage debt is the biggest reason why, a new report Canada Mortgage and Housing Corporation says.
In a report published Tuesday, the CMHC's deputy chief economist Aled ab Iorwerth said Canada's economy is more at risk to whatever crises may arise because of how much debt Canadian households have racked up. The CMHC report is the second in as many weeks to sound the alarm on debt loads. The Bank of Canada's Financial System Review last week warned that the sharply higher cost of carrying a mortgageThe central bank has raised its benchmark lending rate aggressively in recent months in an attempt to bring down record-high inflation.
"As house prices increase in Canada, households take on debt leading to a rise in the total amount of debt in the economy," ab Iorwerth said. "Longer term, reestablishing housing affordability in Canada will be key to reducing household debt if they want to become homeowners.
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