Amount Canadians owe compared with income ticks lower but still near record high

OTTAWA -- The amount Canadians owe compared with their income ticked lower in the first quarter but remained near record levels as mortgage debt continued to climb.

Statistics Canada says the amount of household credit market debt as a proportion of household disposable income slipped to 166.9 per cent in the quarter compared with 167.2 per cent in the fourth quarter of last year.

That means that for every dollar of disposable income, Canadians owe about $1.67 in debt.

Mortgage debt represented 65.7 per cent of the total, up from 65.6 per cent at the end of 2016.

Some experts have warned that Canadians are carrying too much debt and could be exposed in the event of a recession.

The Bank of Canada has also repeatedly issued warnings about the steady climb of household debt.

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