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Household debt on the rise

By Jamie Henry

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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.

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