Canadian household debt (Oct. 2023):
📈 Surpassed GDP
📊 Highest percentage to GDP among G7 nations
In the past decade (Oct. 2013 to Oct. 2023):
Household debt surged from $1.79T to $2.90T ( ⬆️ 62%), primarily due to soaring mortgage debt, which increased from $1.18T to 2.16T ( ⬆️ 82%).
In the past 12 years (Dec. 2011 to Oct. 2023):
Mortgage debt doubled, whereas GDP grew by just 60%.
The rapid growth of mortgage debt in Canada outpaced GDP growth, raising sustainability concerns. 🤔
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