Statistics Canada says mortgage borrowing hit a report within the second quarter as the quantity Canadians owe relative to their revenue climbed increased.
The company says on a seasonally adjusted foundation that family debt as a proportion of family disposable revenue rose to 173.1 per cent within the quarter in contrast with 172.6 per cent within the first quarter.
In different phrases, there was $1.73 in debt for each greenback of family disposable revenue.
The rise got here as complete borrowing rose to $63.8 billion within the second quarter, greater than double the quantity within the first quarter. The rise was pushed by a report $57.2 billion in mortgage loans as, whereas demand for non-mortgage loans was $6.6 billion.
The entire inventory of credit score market debt, which incorporates shopper credit score, and mortgage and non-mortgage loans, totalled $2.53 trillion together with $1.74 trillion in mortgage debt and $797.7 billion in non-mortgage loans.
The family debt service ratio, measured as complete obligated funds as a proportion of family disposable revenue, fell to 13.32 per cent within the quarter in contrast with 13.45 per cent within the first quarter.