The demand for borrowing from Canadian households was down in the first quarter of 2017 but mortgages accounted for a larger share.
Statistics Canada says that, on a seasonally adjusted basis, households borrowed $27.5 billion in the first quarter, down slightly from $27.6 billion borrowed the previous quarter.
Mortgage debt was $2.7 billion higher from the previous quarter, to $20.9 billion while borrowing in the form of consumer credit and non-mortgage loans declined $2.8 billion to $6.5 billion.
The debt-to-income ratio was also slightly lower than the previous quarter at $1.67 of debt for every dollar of income; year-over-year though it was up from $1.64.
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