Canada?s household debt burden rose to a record high in the first quarter as growth in disposable income slowed more than borrowing, government figures showed.
The ratio of household debt to disposable income rose to 154.3 percent in the first quarter from 152.7 percent in the prior three months, Statistics Canada said today in Ottawa. Credit-market debt as a share of disposable income hit a record 152.0 percent in the quarter, up from 150.6 percent.
The Bank of Canada said yesterday that household debts are the economy?s biggest domestic risk and the ratio of debt to household income is likely to keep rising. The central bank also said that while it welcomed a recent slowdown in the pace of debt accumulation, households remain vulnerable to shocks.
The report also showed that the equity held by consumers as a percentage of real estate value fell to 66.9 percent in the first quarter from a revised 67 percent in the fourth quarter.
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