Household debt across the country in Q3 has hit record highs, as it accelerated faster than disposable income, the latest figures from Statistics Canada have revealed.

Canadians, as of the third quarter, hold an increased credit market debt of 162.6% from 161.5% in Q2. This includes mortgages, non-mortgage loans and consumer credit.

The study said this means Canadians owed about $1.63 for every dollar of disposable income in the third quarter.

Among these debts, mortgages account for $27.4bn.

"We anticipate that while outstanding credit balances will likely rise further, this will be accompanied by steady income gains, resulting in the debt-to-income ratio stabilizing, albeit at elevated levels in upcoming quarters,” said RBC economist Laura Cooper.

Canadians’ overall credit market debt is at $1,805bn.

Meanwhile, Statistics Canada added that the country’s “debt service ratio -- the amount of interest paid on mortgage and non-mortgage debt as a proportion of disposable income -- declined to 6.8%, an all-time low".

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