Canadian household debt reached a record high at the end of last year even as mortgage activity slowed, the Canada Mortgage and Housing Corp. said in a report out Wednesday.
The debt to income ratio of Canadians hit a record high of 178.5 per cent in the fourth quarter last year as mortgage holders continued to take on non-mortgage debt.
Delinquency rates, however, remain low and stable, said CMHC senior market analyst Genevieve Lapointe in the report. The total number of new mortgages issued in the quarter came in at 223,000, down 4.8 per cent from a year earlier.
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