High levels of Canadian household debt are causing concern among the international banking community as levels exceed peers such as the US and UK.

The Bank for International Settlements, an organization owned by major central banks, says that Canadian households had a combined $4.4 trillion of debt in the first quarter of 2016, 288 per cent of GDP.

The BIS says that the level of Canadian household debt was “unusually high” and David Rosenberg, chief economist of Gluskin Sheff & Associates Inc. told Bloomberg that “This debt overhang represents one thing and one thing only: a pervasive constraint on Canada’s economic growth potential.” 

Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate

More market watch: