The average household debt in Canada rose by around 6 per cent last year according to new figures from BMO.The highest levels of debt are in the western provinces, with Alberta seeing a 40 per cent increase in the last year to an average debt of $124,838.
Those in B.C. saw a 26 per cent rise to $99,834. In the east it’s a different picture, with Ontarians reducing debts by 12 per cent to an average of $67,507.
The figures also show that mortgages are now held by 43 per cent of Canadian households and that house prices are the major reason for the increase in overall debt.
