Canadians in Debt: 2012 Report

Canadians in debt in 2012According to Statistics Canada, it seems that Canadians are taking on more and more debt, and here is how Canadian debt breaks down by province, status, income, and age. The amount of Canadians in debt is increasing by the minute, thanks to a much higher cost of living.

Canadians in debt by province

You would think that British Columbia residents would have the highest levels of debt, what with the most expensive housing market in the country, but it seems they only had the second highest debt levels, whereas Albertans are knee deep in it.

On the other hand, residents of Quebec and the Atlantic region are the least indebted Canadians, which comes as no surprise to most.

So why does Alberta have the highest number of Canadians in debt? One reason is because income levels have risen because of the expansion of the oil sands.

Canadian debt breakdown by province:

  • Alberta: $157,000
  • British Columbia: $155,500
  • Quebec: $78,900
  • Atlantic region: $69,300

Canadian debt: homeowners vs. graduates

It’s important to keep in mind that Canadian homeowners with mortgages owe an average of $161,200. That alone represents 82% of all outstanding debt in the country.

It is also noteworthy to mention that Canadian renters, who obviously don’t carry mortgages, have an average debt of $36,200. I’m guessing the majority of that comes from student loans, especially considering that the average Canadian university graduate has a debt burden of $145,400.

Of course, there is some good news in all of this; Canadians tend to carry less debt as they get older, considering most manage to pay off their mortgages, unload grown children and plan their finances accordingly.

While Canadians under the age of 45 make up less than half the population (45%), they carried 54% of all debt, owing on average $129,200. Here is how Canadian debt breaks down according to age:

  • Under 45: $129,200
  • Between 45 and 64: $102.800
  • Over 65: $66,000

Canadians with children have higher debt

Compared with their childless counterparts, married couples with kids have double the debt owing on average $144,600. Here is how it breaks down with marital status:

  • Married with children: $144, 600
  • Married without children: $71,000
  • Single parents: $100,800
  • Single people: $63,200

Canadians in debt: high earners owe more

Those who have high household incomes have the most debt, with households that make over $100,000 carrying a debt over $172,400. Those who make under $50,000 owe an average of $57,700.

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