Statistics Canada says the ratio of family debt to disposable revenue hit a document degree within the fourth quarter as mortgage borrowing rose and disposable revenue fell.
The company says on a seasonally adjusted foundation that family credit score market debt as a proportion of family disposable revenue rose to 186.2 per cent within the fourth quarter, in contrast with a revised studying of 180.4 per cent for the third quarter. The studying means there was $1.86 in credit score market debt for each greenback of family disposable revenue.
Statistics Canada says the ratio stood at 181.1 per cent on the finish of 2019 earlier than the pandemic, whereas the earlier document excessive was within the third quarter of 2018 at 184.7 per cent.
The rise within the fourth quarter got here as family credit score market debt rose 1.9 per cent and family disposable revenue fell 1.3 per cent.
On a seasonally adjusted foundation, households added $50.0-billion of debt within the fourth quarter together with $46.3-billion in mortgages and $3.7-billion in non-mortgage loans.
The family debt service ratio, measured as complete obligated funds of principal and curiosity on credit score market debt as a proportion of family disposable revenue, rose to 13.84 per cent within the fourth quarter of 2021 in contrast with 13.55 per cent within the third quarter.
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