A recent Equifax National Consumer Credit Trends Report sheds some interesting facts on debt loads (excluding mortgages) across Canada, by province, city and age group
Ontario consumers experienced the greatest increase with a 5.1% increase year over year to an average debt of $22,671. The smallest increase, year over year, was in Saskatchewan and Alberta with increases of 1.7% and 1.8% for average debt of $24,690 and $28,240 respectively.
Canadian Debt Loads by province vary, with Albertans carrying the highest debt load of $28,240 and Manitoba carrying the lowest debt at $18,536.
Canadian Debt Loads by city gives an even greater variance. Fort McMurray residents carry a whopping debt load of $37,831. Montreal residents have the lowest average debt load at $ $17,370.
Canadian Debt Loads by age groups are about what you would expect. Younger people have low debt loads and as they get older and their earnings increase, they take on more debt. The age group 18-25 has an average debt load of $8,345. The average debt load peaks at 46-55 with a debt load of $33,532. After this the debt load tapers off.
Canadian Average Debt Loads (excluding mortgages) by Province
AB $28,240; SK $24,690; BC $24,026; NL $23,627; NB $23,221; ON $22,671; NS $22,504, PE $22,448; QC $18,907; MB $18,536; Canada $22,595
Canadian Average Debt Loads (excluding mortgages) by City
Calgary $29,261; Edmonton $27,224; Halifax $23,732; Montreal $17,370; Ottawa $21,914; Toronto $21,599; Vancouver $25,232; St. John’s $25,236;
Fort McMurray $37,831
Canadian Average Debt Loads (excluding mortgages) by Age
18-25 $8,345; 26-35 $17,365; 36-45 $27,261; 46-55 $33,532; 56-65 $28,566; 65+ $15,651