Canadian household debt to GDP was lower than that of the U.S. until 2010, but their trends have diverged significantly since then. Now, Canada has the highest debt to GDP ratio among G7 nations.
Since Q4 2015, Canadian household debt has surpassed its GDP, primarily due to the rapid increase in mortgage debt, which has outpaced GDP growth
Note: 74% of the household debt consists of mortgages🏠.
Relying heavily on debt, particularly the swift rise in mortgage debt, has raised sustainability concerns for the Canadian economy ⚠.
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