Report: Canada’s household debt now highest in the G7

Source: BBC News [UK state media]

“Household debt in Canada is now the highest of any other G7 country, according to data by the country’s housing agency. The amount owed by Canadian households is also higher than the country’s entire GDP. The Canada Mortgage and Housing Corporation said high home prices are to blame for the ballooning debt. Household debt in the US and the UK, by comparison, has shrunk in the last 10 years. In a report released on Tuesday, Canada’s housing agency has warned that Canadians would not be able to weather a recession because of the high amount of debt they owe. ‘Unfortunately, Canada’s very high levels of household debt — and the highest in the G7 — makes the economy vulnerable to any global economic crisis,’ said Aled ab Iorwerth, the agency’s deputy chief economist.” (05/24/23)