Household debt continues to swell: StatsCan

Despite mortgage debt growing at its slowest rate in more than 20 years, household borrowing continued to rise, according to Statistics Canada.

The national statistical agency reported that total household credit liabilities grew by $8.8 billion in January, an increase of 0.3% month over month.

Mortgage debt was up 0.2% in the month, marking a slowdown from the 0.3% increase in December. On an annual basis, household mortgage debt was up 3.4% in January, which StatsCan said was the slowest rate since 2001.

While mortgage debt growth slowed, other forms of borrowing ramped up a bit.

Total non-mortgage loan debt rose by 0.5% in January, an increase of $3.5 billion. On an annual basis, non-mortgage debt was up 5.7% in January, an increase from 5.6% in December.

Credit card debt led the way, rising by 1.1% in January. Home equity lines of credit increased by 0.5%, while other sorts of borrowing were up 0.3% in the month.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.