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Q4 Consumer Debt Costs At Record High

  • Canadians paid 15% of disposable income on debt service costs in Q4, the same as in Q3 after a downward revision (from 15.2% to 15.0%) to match record highs in 2019 and 2007.
  • Canadian household net worth bounced +1.8% to +CAD16,420B in Q4 after -1.8% to CAD16,168B in Q3.
  • Increase was driven by financial assets which were at new record highs of CAD9,741B, surpassing the previous record set in Q4 2021. Value of residential real estate falls for a second quarter, declining 1.9% or CAD158B.
  • Rate hikes are discouraging new borrowing, with 2023 reporting the slowest growth in household liabilities since 1990, +3.4% YOY.

Household debt service ratioSource: StatsCan

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