Average Canadian debt rose 2.7 per cent in 2019, according to Equifax

Non-mortgage debt increased most in Quebec, rising 2.03 per cent to $19,833, followed by Ontario at 1.91 per cent to $24,406. It decreased 1.46 per cent to $29,076 in Alberta and fell 1.12 per cent to $24,789 in Saskatchewan.In the mortgage market, Equifax Canada said the average new loan reached $289,000 nationally in the fourth quarter of 2019, an increase of 7.2 per cent from the prior year. The average new mortgage in Toronto rose by a record 8.

Mortgage delinquency rates were at 0.18 per cent at the end of 2019, the highest fourth-quarter level since 2016 but low in historical terms. “Adjusting for population growth, non-mortgage debt did not even keep pace with inflation in the last half of 2019. That is a significant slowdown from the torrid pace set in Q1.”

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