household debt PUBLIC

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1、Economics-HouseholdDebtinCanadaJanuary2011Summaryislessthanconvincinggivenprevioustighteningmeasuresandotherdevelopments.•Arisingdebt-to-incomeratioisnotnecessarilya•HouseholddebtinCanadaisatarecordhigh$1.5trillionandduringthepastdecadegrewatperilousecon

2、omicsituation.Debtcanbebothitsfastestpacesincethe1970sindollartermsgoodandbadwiththedifferencebeingtheuseandrelativetoincome.ofthedebtextendedtosoundborrowers.•MortgagedebtremainsthelargestcomponentHouseholdDebtinCanadabutpersonallinesofcreditgrewthefast

3、est.Mortgagedebt-to-incomeisatrecordhighsCanada’shouseholddebtisatrecordhighsprompt-•TheaveragedebtforallhouseholdsinCanadaisingwarningsfromsometopfederalpolicymakers$112,200or$55,500foreverypersonaged18abouttakingonfurtherdebtandtheheightenedrisksyearsa

4、ndolderin2010.Thedistributionofdebttotheeconomywhenanegativemacroeconomicisunevenacrosshouseholdsbyageandincomeeventoccursaswellastheinabilityofsomeborrow-levels.erstodealwithhigherinterestrates.Concernsoverhighhouseholddebtareexpressedbymanyothers•House

5、holddebtishigherinCanadafornumerousaswell.Thefederalgovernmentrecentlytightenedreasonsrangingtohigherincomelevels,demo-itsmortgageinsurancerulesinanefforttolimitthegraphicchanges,risinghouseprices,financialincreaseinhouseholddebt.innovations,andthegreater

6、availabilityofcredit.ThegrowingunincorporatedbusinesscomponentThisreportexamineshouseholddebtinCanadabyofhouseholddebtisacontributingfactordriventrackingitsevolutionandcharacteristicsovertime,bytheprofitmotiveratherthantheconsumptionidentifyingitsunderlyi

7、ngcauses,andassessingitsmotivebypersons.implicationsfortheeconomyalongwithsomeassess-•Theeconomyismorevulnerabletoanegativementofitsfuturepath.macroeconomicshockwithhigherindebtednessamongsthouseholds.HigherinterestratesposeaTrendsinHouseholdDebtrisktobo

8、rrowersuponmortgagerenewal.Atthemacrolevel,recessionsmaybecomemoresevereCanada’shouseholddebt-to-incomeratiosurpassedorprolongedthanunderlowerdebt.theU.S.andreachedarecordhigh150%inQ3-2010withtotalliabilitiesordebtamountin