Statistics Canada says mortgage borrowing hit a record in the second quarter as the amount Canadians owe relative to their income climbed higher.
The agency says on a seasonally adjusted basis that household credit market debt as a proportion of household disposable income rose to 173.1% in the quarter compared with 172.6% in the first quarter.
In other words, there was $1.73 in debt for every dollar of household disposable income.
The increase came as total credit market borrowing on a seasonally adjusted basis rose to $63.8 billion in the second quarter, more than double the amount in the first quarter. The rise was driven by a record $57.2 billion in mortgage loans, while demand for non-mortgage loans was $6.6 billion.
The total stock of credit market debt, which includes consumer credit, and mortgage and non-mortgage loans, totalled $2.53 trillion including $1.74 trillion in mortgage debt and $797.7 billion in non-mortgage loans.
The household debt service ratio, measured as total obligated payments of principal and interest on credit market debt as a proportion of household disposable income, fell to 13.32% in the quarter compared with 13.45% in the first quarter.
MBN
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