Despite living in the most expensive city in Canada , Vancouverites have proven to be able to manage their consumer debts well – better than residents of any other major Canadian city, according to an Equifax report released September 5.
The average delinquency rate for all consumer debt, which includes all personal debt except mortgages, was 0.7% in Vancouver in 2017’s second quarter. By comparison, the national average delinquency rate was 1.09% in the same period. In second place was Ottawa at 0.96%, followed by Toronto (1.16%), Calgary (1.2%) and Montreal (1.23%). The highest rates of delinquency were found in Fort McMurray (1.70%), Edmonton (1.48%) and Halifax (1.47%).
The average debt in Vancouver was $25,232, which was 4% higher than it was a year ago and more than 11% higher than the national average of $22,595. The highest average dept was found in Fort McMurray ($37,831), followed by Calgary ($29,261) and Edmonton ($27,224).
“Desire to take on more debt is certainly highest in Ontario,” said Equifax senior director of data and analytics Regina Malina. “Even in the face of potential increase of interest rates, consumers across the country continue to borrow and spend to some degree,” said Equifax senior director of data and analytics Regina Malina.
“Their overall ability to pay back this money on time remains stable, though. As interest rates gradually rise, and borrowing costs increase, this trend may be impacted over time.”
@EmmaHampelBIV
