Data from the Bank of Canada shows that the level of debt in Canadian households rose by its fastest pace since 2012. Total debt rose to $1.869 trillion in the month, that’s a 5.9 per cent annualized increase from July and 5 per cent higher than August 2014. Interest rate cuts earlier this year are likely to be a factor in the increase. Mortgage debt rose by 7.5 per cent annualized rate from July and was 7 per cent higher than August 2014. Other consumer debt, such as credit cards and auto loans were up just 2 per cent annualized.
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