Canadians among world's biggest debtors-we owe $1.71 for every dollar of disposable income

[Anonymous]

Canadian households owed more than $2.1T at end of September, up 1.4% from summer levels



Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.



Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.



Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.

https://www.cbc.ca/news/business/debt-income-1.4448098">https://www.cbc.ca/news/business/debt-income-1.4448098



And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.

[Anonymous]

Canadian households owed more than $2.1T at end of September, up 1.4% from summer levels



Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.



Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.



Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.

https://www.cbc.ca/news/business/debt-income-1.4448098">https://www.cbc.ca/news/business/debt-income-1.4448098



And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.

I know so many people living beyond their means..



I fear we could be heading towards a financial crisis like we had ten years ago, but with American level pain.

[Anonymous]

Canadian households owed more than $2.1T at end of September, up 1.4% from summer levels



Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.



Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.



Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.

https://www.cbc.ca/news/business/debt-income-1.4448098">https://www.cbc.ca/news/business/debt-income-1.4448098



And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.

I know so many people living beyond their means..



I fear we could be heading towards a financial crisis like we had ten years ago, but with American level pain.

And with no way of getting our most valuable resource to international markets, we will not recover for a long time.

[Bricktop]

By the way, where's the $1000 you owe me.

[Anonymous]

Canadian households owed more than $2.1T at end of September, up 1.4% from summer levels



Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.



Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.



Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.

https://www.cbc.ca/news/business/debt-income-1.4448098">https://www.cbc.ca/news/business/debt-income-1.4448098



And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.

This is over a year old too.



Taxes are so frickin high in this country and growing, governments force people into debt.

[cc]

Saw that stat. As I recall, Canucks have been high on that list for a long time

[Anonymous]

Saw that stat. As I recall, Canucks have been high on that list for a long time

And we have become higher and not just from Justine legalizing weed.

[cc]

When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

[Anonymous]

When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

We know so many people with a mortgage, car payments, and credit card debt they can't afford..



And they have good jobs.

[Anonymous]

When one factors home loans at prices today, maybe it's not too bad? Many mortgages are in the 100s of $1000

We know so many people with a mortgage, car payments, and credit card debt they can't afford..



And they have good jobs.

That cannot continue.

[Bricktop]

Just keep borrowing from the future...it's what all good Ponzis do.

[Anonymous]

Just keep borrowing from the future...it's what all good Ponzis do.

But, when we can't borrow anymore, we could begin a long recession.

[JOE]

Canadian households owed more than $2.1T at end of September, up 1.4% from summer levels



Canadians owe $1.71 for every dollar of disposable income they had in the third quarter of 2017, the highest amount on record.



Statistics Canada reported Thursday that Canadian households owed more than $2.1 trillion at the end of September, up 1.4 per cent from the summer. Mortgages were the biggest chunk of that debt, up 1.5 per cent in the previous three months to $1.3 trillion.



Household debt is often cited as a key risk to the Canadian economy by the Bank of Canada and others.

https://www.cbc.ca/news/business/debt-income-1.4448098">https://www.cbc.ca/news/business/debt-income-1.4448098



And the amount of debt Canadians owe has only gone up since this was published. We are the most indebted country in the OECD and there will likely be a lost decade when the consumer debt bubble bursts.

A thoughtful post, sb.



Thanks for the reminder.



I think much of the reason for this debt are the prices families pay for real estate now.



What our parents used to $10,000 for a house, now the same home costs $500,000 or more.



In Vancouver, that home is $1,000,000 and up.



Cripes no wonder so many are broke.



We're setting ourselves up for a 1990s Japan style housing bubble one day.



...but at least there should be a lot of bargains to be had after the crash.

[Anonymous]

People want a comfortable middle class life. Debt is the only way most blue collar people can achieve that. Even if it is only temporary.

[Bricktop]

Our children are paying the price.



Here, they are required to pony up 20% of the asking price of a house as a cash deposit to obtain a mortgage.



Median price here would be around $500K. So young adults have to SAVE $100,000 just to obtain finance. This is because WE have jacked the price of housing artificially high so we can make PROFIT from real estate.



Entry into the housing market is becoming almost impossible for average wage earners.



So...what happens now is we have to either give them the cash, or more likely, guarantee their loan with our property or equity.



Put another way...we have to pay for their home.