People living in Vancouver on average have C$360,683 consumer debt – six times the national average in Canada, research from savvynewcanadians.com has found.
Vancouver is an expensive place to live, with the average home price in the city coming to C$1,242,527.
And indeed three quarters (74%) of Canadian debt is from mortgages, highlighting rising housing costs and affordability challenges.
People are also increasingly using HELOCs, which enable people to flexibly borrow against the value of their home.
Consumer debt has surged by 17.7% since 2019, reaching an unprecedented high in 2023.
The area with the second biggest debt per capita is Toronto, at C$187,350.
Across Canada people hold an average of over C$65,000 in consumer debt.
