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[Study] How Much Debt Does The Average Canadian Have? (Statistics for 2021)

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Last updated on January 8, 2021
average debt in Canada

How much debt does the average Canadian have? The average debt per Canadian is $73,532. Find more debt statistics below.

We analyzed dozens of papers and news releases from Equifax and Statistics Canada to break down key statistics for 2021’s state of Canadian debt.

Overall Debt Statistics in Canada

$73,532

Average debt per Canadian

2.2%

Increase from 2019

The majority of debt for Canadians is due to rising mortgage balances. Below are debt statistics in Canada for non-mortgage debt.

Debt Statistics in Canada for non-mortgage debt

$23,035

Non-mortgage debt (credit cards, auto loans, lines of credit)

Alberta

Province with the highest per capita non-mortgage debt at $28,261

Manitoba

Province with the lowest per capita non-mortgage debt at $18,243

Average debt in Canada affected from COVID

3 Million

Canadians used COVID-related payment deferrals offered

15.1%

of all Canadians ages 35 to 44 relied on COVID-related help

5.7%

of all Canadians ages 65+ relied on COVID-related help

1.24%

of all credit-using Canadians have missed at least 3 payments in the past year

20%

of all Canadians have stated being already financially stressed pre-COVID


NOTES:

The average household debt in Canada is $73,532, which is a 2.2% increase from 2019.

When you cut out mortgage debt, this figure gets cut to $23,035. Non-mortgage debt accounts for credit card debt, auto loan debt, and lines of credit).

Alberta was the province with the highest per capita non-mortgage debt at $28,261.

Manitoba was the province with the lowest per capita non-mortgage debt at $18,243.

3 million Canadians used COVID-related payment deferrals offered by their creditors.

15.1% of Canadians between 35 to 44 years of age relied on COVID-related payment deferrals.

Not many seniors 65+ years of age took advantage of payment deferrals. Only 5.7% of seniors in Canada used COVID-related payment deferrals, even though they were offered from their creditors. This is mainly due to not being aware of such options available.

In the past year, 1.24% of all Canadians missed at least 3 payments on their credit accounts.

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