Canadian Household Debt Surges — But It Wasn’t Driven by Mortgages
Data from Statistics Canada show that household credit in Canada climbed by $14.8 billion (+0.5 %) in September to reach $3.14 trillion, its fastest monthly gain since 2021. Over the prior 12 months, debt rose 4.4 % (+$133.6 billion), more than double the pace of inflation. Despite mortgages accounting for around 74 % of total household debt, mortgage credit only contributed 55 % of September’s increase — the remainder came from consumer credit like credit cards and lines of credit. Analysts highlight that much of the recent mortgage growth reflects older commitments (e.g., homes bought in 2020–2021) rather than new borrowing.
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