Mortgage borrowing increases share of household debt

by Steve Randall15 Jun 2017
The demand for borrowing from Canadian households was down in the first quarter of 2017 but mortgages accounted for a larger share.

Statistics Canada says that, on a seasonally adjusted basis, households borrowed $27.5 billion in the first quarter, down slightly from $27.6 billion borrowed the previous quarter.

Mortgage debt was $2.7 billion higher from the previous quarter, to $20.9 billion while borrowing in the form of consumer credit and non-mortgage loans declined $2.8 billion to $6.5 billion.

The debt-to-income ratio was also slightly lower than the previous quarter at $1.67 of debt for every dollar of income; year-over-year though it was up from $1.64.

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