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
Average debt per Canadian
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
Non-mortgage debt (credit cards, auto loans, lines of credit)
Province with the highest per capita non-mortgage debt at $28,261
Province with the lowest per capita non-mortgage debt at $18,243
Average debt in Canada affected from COVID
Canadians used COVID-related payment deferrals offered
of all Canadians ages 35 to 44 relied on COVID-related help
of all Canadians ages 65+ relied on COVID-related help
of all credit-using Canadians have missed at least 3 payments in the past year
of all Canadians have stated being already financially stressed pre-COVID
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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