Key information about Canada Household Debt

• Canada Household Debt reached 2,110.9 USD bn in Dec 2024, compared with the reported number of 2,161.8 USD bn in the previous month
• Canada Household Debt: USD mn data is updated monthly, available from Jan 1969 to Dec 2024
• The data reached an all-time high of 2,225.1 USD bn in Sep 2024 and a record low of 22.2 USD bn in Jan 1969

CEIC converts monthly Household Debt into USD. Statistics Canada provides Household Debt in local currency. The Federal Reserve Board period end market exchange rate is used for currency conversions. Loans are used due to the lack of Flow of Funds statistics. Household Debt prior to January 1990 is sourced from the Bank of Canada.


Further information about Canada Household Debt

• In the latest reports, Canada Household Debt accounted for 99.2 % of the country's Nominal GDP in Sep 2024
• Money Supply M2 in Canada increased 1,873.3 USD bn YoY in Nov 2024
• Canada Foreign Exchange Reserves was measured at 90.2 USD bn in Jan 2025
• The Foreign Exchange Reserves equaled 2.0 Months of Import in Dec 2024
• Canada Domestic Credit reached 4,647.3 USD bn in Nov 2024, representing an increased of 3.9 % YoY

Households Debt in Canada increased to 100.39 percent of GDP in the fourth quarter of 2024 from 100.32 percent of GDP in the third quarter of 2024. This dataset provides - Canada Households Debt To Gdp- actual values, historical data, forecast, chart, statistics, economic calendar and news.

Debt service ratios, interest and obligated principal payments on debt, and related statistics for households, Canada.

Key information about Canada Household Debt: % of GDP

• Canada household debt accounted for 99.0 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 99.0 % in the previous quarter.
• Canada household debt to GDP ratio is updated quarterly, available from Mar 1969 to Dec 2024.
• The data reached an all-time high of 111.2 % in Dec 2020 and a record low of 30.0 % in Mar 1969.

CEIC calculates quarterly Household Debt as % of Nominal GDP from monthly Household Debt and quarterly Nominal GDP. Statistics Canada provides Household Debt in local currency. Statistics Canada provides Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics. Household Debt prior to Q1 1990 is sourced from the Bank of Canada.


Related information about Canada Household Debt: % of GDP

• In the latest reports, Canada Household Debt reached 2,110.9 USD bn in Dec 2024.
• Money Supply M2 in Canada increased 6.1 % YoY in Dec 2024.
• Canada Foreign Exchange Reserves was measured at 90.2 USD bn in Jan 2025.
• The Foreign Exchange Reserves equaled 2.0 Months of Import in Dec 2024.
• Canada Domestic Credit reached 4,531.7 USD bn in Dec 2024, representing an increased of 3.9 % YoY.
• The country's Non Performing Loans Ratio stood at 0.6 % in Sep 2024, compared with the ratio of 0.5 % in the previous quarter.

Assets and debts held by family units and by age groups, total amounts.

Consumer Credit in Canada decreased to 775954 CAD Million in January from 784448 CAD Million in December of 2024. This dataset provides - Canada Consumer Credit - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Statistics on student debt, including the average debt at graduation, the percentage of graduates who owed large debt at graduation and the percentage of graduates with debt who had paid it off at the time of the interview, are presented by the province of study and the level of study. Estimates are available at five-year intervals.

The average loan size of new mortgages in Canada increased in 2024, after a year of steady decline in 2023. In the third quarter of 2024, the average size of a mortgage amounted to 349,364 Canadian dollars, up from 332,825 in the second quarter of 2024. Mortgages varied in size in different metropolitan areas, with Toronto and Vancouver seeing the highest value of new mortgages.

Key information about Canada Private Debt: % of Nominal GDP

• Canada Private Debt accounted for 212.62 % of its Nominal GDP in Dec 2024, compared with a ratio of 212.27 % in the previous quarter
• Canada Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Mar 1969 to Dec 2024, with an average share of 129.19 %
• The data reached an all-time high of 237.84 % in Dec 2020 and a record low of 89.28 % in Sep 1976

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. Private Debt is calculated as a sum of Loans to Private Non-Financial Corporations and Household sectors. Statistics Canada provides Private Debt and Nominal GDP in local currency. Private Debt prior to Q1 1990 is sourced from the Bank of Canada.

Annual household disposable income, debt service ratio and other statistics, by province and territory.

Quarterly financial flows and stocks of household credit market debt, consumer credit, non-mortgage loans, and mortgage loans, on a seasonally adjusted basis.

During the year 2020, household average net savings in Canada peaked in the second quarter for each income group. Compared to the other groups, households ranked in the highest income quintile displayed considerably higher average net savings during the coronavirus (COVID-19) pandemic. As of the second quarter of 2020, households belonging to this income group reported on average net savings for 17,633 Canadian dollars.

Key information about Canada Debt Service Ratio: Households

• Canada Debt Service Ratio: Households was reported at 14.400 % in Sep 2024
• This records a decrease from the previous number of 14.600 % for Jun 2024
• Canada Debt Service Ratio: Households data is updated quarterly, averaging 12.700 % from Mar 1999 to Sep 2024, with 103 observations
• The data reached an all-time high of 14.600 % in Jun 2024 and a record low of 10.300 % in Jun 2002
• Canada Debt Service Ratio: Households data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G2 Households (HH) and Non-Profit Institution Serving Households (NPISHs): Quarterly

In 2022, the value of the lending to households in Switzerland as a share of its gross domestic product (GDP) was higher than in any of the countries selected here. Australian, Canadian, and South Korean households had an amount of credit which was higher than the overall size of their economy. That year, household lending in Argentina amounted to 4 percent of its GDP, which was the lowest figure in the ranking.

What is the household debt?

Household debt, also known as family debt, includes loans taken to pay for the home or other property, education, vehicles, and other expenses. The largest component of this is mortgage debt, which is seen by many as a way to build long-term equity. As such, households are willing to take on a large amount of this debt with the goal of owning an asset that holds value and can be used as a residence in the meantime.

The cost of debt

The cost of a loan depends on a number of factors such as the interest rate, borrower’s credit risk or time period of a loan. The value of mortgage and the rate of return on assets such as real estate also depend largely on geographic location. The highest borrowers in this statistic are likely living in countries where credit is affordable and expected returns are relatively high, incentivizing heavy borrowing.

Monthly credit aggregates for the household sector, by category.

For more than half of Canadians interviewed by the Leger Institute in March 2022, inflation had an impact on household debt. Conversely, according to one person in five, this phenomenon had no impact on their household debt. At the end of 2021, the cost of living and inflation were the first things Canadians mentioned when asked what the next government's priority should be.

The average mortgage payment across all Canadian metros declined in 2023. In the third quarter of the year, Vancouver and Toronto topped the ranking of highest mortgage payment costs. Homebuyers in Vancouver had to pay, on average, 2,410 Canadian dollars monthly, while in Toronto, the average monthly scheduled mortgage payment was 2,318 Canadian dollars. Canada’s housing market House prices in Canada vary widely across the country. In 2023, the average sales price of detached single-family homes in Vancouver was nearly three times as expensive as the national average. Vancouver is undoubtedly considered the least affordable housing market: In 2021, the cost of buying a home with a 25-year mortgage in Canada was approximately 45 percent of the median household income, whereas in Vancouver, it was nearly 64 percent. Development of house prices The development of house prices depends on multiple factors, such as availability on the market and demand. Since 2005, house prices in Canada have been continuously growing. According to the MSL composite house price index, 2021 measured the highest house price increase.

• What is the average net worth of households within my trade area? • What proportions of my customers’ assets are held in chequing and savings accounts? Stocks? Bonds? Mutual Funds? • Which areas within my trade area have a high debt-to-asset ratio? • What types of debt do my customers have? Are their debts dominated by credit cards? HELOC? Mortgages? • Are the average real estate values around my business higher or lower than the average real estate values in my base market? • What proportion of my trade area holds an RRIF vs. an RRSP? • and more

Built using authoritative data from a variety of sources—such as the Bank of Canada, Canada Revenue Agency, and Statistics Canada—and sophisticated modelling techniques, WealthScapes is designed for financial planning, marketing, and targeting applications.

The latest version features a database of over 100 key financial and investment statistics to help financial institutions, charitable organizations, and large retailers better understand their customers' financial and investment behaviour. The key variables used in WealthScapes are created to match the best available control totals in Canada so that chief economists will endorse them.

This table contains 102 series, with data starting from 2013, and some select series starting from 2016. This table contains data described by the following dimensions (Not all combinations are available): Geography (1 item: Canada), Components (51 items: Total, funds advanced, residential mortgages, insured; Variable rate, insured; Fixed rate, insured, less than 1 year; Fixed rate, insured, from 1 to less than 3 years; ...), and Unit of measure (2 items: Dollars; Interest rate). For additional clarification on the component dimension, please visit the OSFI website for the Report on New and Existing Lending.

Composition of assets (including Employer Pension Plans valued on a termination basis) and debts held by all family units, by net worth deciles, Canada and geographical regions of Canada.