http://edmontonhousingbust.com/2010/...peoples-money/
^ latest blog post from EHB discussing the CGA-Canada debt report
Quote:
|
A couple of it’s more referred to points in the media is that on a per capita basis, each and every Canadian owes $41,740 in consumer debt (no province by province breakdown unfortunately). Consumer debt is debt that is not backed by assets, so does not include debt arising from things like mortgages. The other is that the debt-to-income ratio is sitting at 144.4%. Both those figures are all-time highs… which if that wasn’t bad enough, in case of the latter figure the report was obviously prepared before the most recent figures were released, it’s now at 146.2%.
|
Quote:
|
If that wasn’t troubling enough, these figures have continued escalating even during the recession… behavior not normally observed. During the prior recession (‘90/’91) consumer credit contracted by -2.6%… this past year it’s not just expanded (+5.6%), but did so at a rate even greater than the historical average (+4.7%). Even mortgage debt, which while not expected to contract, still expanded by an above-average amount (+5.9%).
|